The only difficulty arises with those allowances and tax deductions for which employees have to present proof of payment. Salary payable is classified as a current liability account that appears under the head of current liabilities on the balance sheet. Accrued salary expenses are different from the salaries payable. Now the question is how to determine that the payment is due to employer and employee relationship. their salaries and wages payable account under the head of current liabilities. Indian tax system is divided into mainly two parts, direct tax and indirect tax. If such MLA or MP is a cabinet minister or chief minister, then employer and employee relationship established between the government and such MLA or MP. Salary payable and accrued salaries expenses are the balance sheet account, and they are recording under the current liabilities sections. On the basis of the above discussion, if income is due or received from your employer or former employer for the services rendered due to your employment, then the whole amount due or received during the previous year will be charged to tax under the head income from salary. In order to process salaries in TallyPrime, you need to create a PF payable ledger along with Salary Payable Ledger, ESI Payable Ledger, NPS Payable Ledger and PF Admin Expenses Ledger. The master determine the manner in which works must be executed by the servant. The salary expense account is a nominal account and closes in the profit & loss statement. The master should have full control and supervision on servant’s work. Its chargeable to tax under the head income from other sources. SPECIAL PAY: This is the residual head under which the balance of amount not engrossed by other head is taken into. Cr. In the salaries payable, the company knows the exact amount of payment to be paid and actually incurred. SALAY IS TAXABLE ON DUE OR RECIPT BASIS WHICHEVER IS EARLIER.ACCOUNTING METHOD OF EMPLOYEE IS NOT RELEVANT. Head) 0 0. mukundhan b. If such relationship does not exist then income will not be taxable under the head salary. Salary payable account is debited to cancel the liability, because there is out flow of cash against the liability. Before considering any income under the head salaries, the first condition to be looked for is the relationship between the payer and payee. accounting head for salary would be "expense" and salary payable would be "current liabilities".. 1 Like CA girl (Article Trainee-CA Final) 14 September 2013 If you have sifted job during the previous year, salary received from former employer has to be disclosed to present employer in order to deduct tax at source at the applicable rate. The contractor is bound by the contract signed between the payer and payee, but not by the order of the party. Similarly, leave salary paid abroad in respect of leave earned in India is deemed to accrue or arise in India. Honorarium paid to doctors, lectures, chartered accountants and others can not be charged to tax under the head income from salary. medianet_width='600'; medianet_height= '250'; medianet_crid='486579464'; medianet_width='300'; medianet_height= '600'; medianet_crid='743335956'; medianet_width = "300"; whether under purchase a/c head, or under direct income a/c head? Tax Free Perquisites in case of all Employees. Don’t see a topic? And this relation is said to exist only if there is control over the method of doing the work of other person. The person responsible for making the payment of income under the head Income from Salary” is liable to collect the evidence or proof or any other details relating to the claims or deduction being considered including the set off of loss under this provisions. This clause will not apply if the tax is deductible under the Section 192 i.e. cr. payable is only the amount of remuneration that is due. But for small to middle size organizations, one ledger account is more than enough to record all their payables related to their employees. … Salary Payable A/C Dr 1425000. Here I will explain you how to create a basic salary pay head. He lives in Bhubaneswar, India. h) Annual accretion to the balance of Recognized Provident Fund. The range for our most popular Accounts Payable positions (listed below) typically falls between $36,735 and $103,813. (ii) Under S.No 1 of Schedule HP – what should one reflect under ” Your Percentage of Share in the Property” & what should be reflected under Percentage Share in Property in r/o of the Co-Owner which in this case is my wife. Caultimates.com. To cash or Bank A/c Being salary paid to staff If salary paid by cheque then Bank account is credited …. The difference between the salary expense and salary payable is the same that lies between an expense account and a liability account. At the same time, he can’t offer his services to others without the permission of his master. You are required to understand the difference between contract for service and contract of service. Income chargeable under the head Salaries‘ (4 – 5) Schedule HP: Details of Income from House Property. A. salary payable account 6420. cr. Income under the head Salaries. MEDICAL ALLOWANCE: Under this head we make reimbursement of medical cost of employees. But when salaries are outstanding, meaning they are owing, we also record a liability (debt) account called salaries payable. of years- It is payable to the employee who completes 5yrs of service in the organisation. Categories | ... and credit will be under in which a/c in P&L? Servant works for a periodic remuneration and bound to serve for the master. If there is an employer-employee relationship then such payment is covered under Section 192. Copyright © 25,200 will be taxed as business income of Mr. Vipul. All Rights Reserved. To execute the work, day to day control should not exist. Rent recieved is like any other p/l income or expense which is adjusted to find out the net profit/loss from the p/l account . Professional tax (under group of duties and taxes) 80 (being salary calculated for the month of ….) It is now the 3rd of May and they still have not been paid, so the salaries are "payable" or "owing" or "outstanding" (all the same thing). The salary in above Journal entry includes Basic+ All other Allowances. Out of which, $10,000 is paid on 30th January, Our team consists of professionals who have proven track records in their respective fields and provides the best advice in the above … Read More » "About Us", The information available through this Site is provided solely for informational purposes on an “as is” basis at user’s sole risk. Understanding the head of Income from salary, its components, features, the charging section, computation of salary income, allowances and perquisites. To define the relationship as employee and employer, the nature of engagement should be for contract of service. Remember , you don’t need to create a gross salary or net salary pay head! medianet_height = "600"; The person working in contract for service, may have profit or losses depending on this work. As per matching concept, salary is due but not yet paid. It is sometime recording under cost of goods sold, cost of services or operating expenses depending in how the staff are involved in the operation. (i) Under Schedule 5 – under S.No 1 does one include both my current Private Employer & my Pension Details (under Details of Income from Salary). All the general rules … The maximum amount payable per year is INR 2,500 and in line with tax payer's salary, there are predetermined slabs. How to Calculate Accumulated Depreciation? Taxability of Employers contribution to provident fund in excess of 12% of salary. Rent payable , being a Liability and a p/l expense , comes under the debit side of the profit and loss A/c. It is deducted by the employer from their employee every month and remitted to state exchequer and in some states sent to the Municipal Corporation. Servant for securing deferred annuity for self, spouse or child: Payment limited to 20% of salary. 50,000. It is very easy to calculate the TDS on salary if you have full salary structure with you. Executor will only be answerable for the work he has undertaken based on the terms and conditions of the contract. During the month, Professional tax (under group of duties and taxes) 80 (being salary calculated for the month of ….) Every company doesn’t need to maintain salaries payable account because some companies pay their employees at the end of every month, so in that situation, there is no liability present at the end of the month. The total salary Any income can be taxed under the head salary only if there is an employer and employee relationship between the payee and payer. Rent payable , being a Liability and a p/l expense , comes under the debit side of the profit and loss A/c. To know the relationship, you need to know how the right of control exist in the agreement executed between the payer and payee. Outstanding salary is a personal representative account. Employee A/c Dr. (or) Employee's Contribution A/c. All the general rules of accounting are also applicable to this account. In both contract for service and contract of service, the payee can order what is to be done. f) Advance of Salary. Let's assume that on December 1 a company borrowed $100,000 at an annual interest rate of 12%. Generally, executive directors are paid salary and they are not entitled to any other fee such as sitting fees etc. But when salaries are outstanding, meaning they are owing, we also record a liability (debt) account called salaries payable. Income Tax Rules-Income Chargeable under the Head Salaries. Tally Ledger Groups List (Ledger under Which Head) Last updated at Dec. 27, 2019 by Teachoo While Creating Ledgers in Tally,We all face the problem of putting ledger in correct head If the relationship is employer and employee, income received from employer by the employees is always taxable under the head income from salaries. Salary payable is classified as a current liability account that appears under the head of current liabilities on the balance sheet. 15/12/2010 : sameer collect salary advance 500.00 dhs ( here rahul salary 2500.00 dhs/ month ) ( sameer salary 2500.00 dhs / month) the co,does not pay salary at end of the month,ie 31/12/2010 and they will paid 15/01/2011. Now we create Ledger "Salary Payable" under Current Liabilities, which will be use to made payment to each employee after deduction of advance, tds or any other liability. Honorarium can be paid to anyone for a service in a volunteer capacity for which no official charge is made. Under ‘Name’ you can write State Bank of India and under ‘Alias’ you can write ‘SBI’. In a contract of service following things exist: In contract for service following things exist: If the nature of agreement between the payer and payee is contract of service, then the relationship between them is employer and employee. If you are interested in the salary of a particular category, see below for salaries for specific categories. For instance, if you have worked for 6 months but haven’t received your salary during the previous year, will you be liable to tax in that previous year as you satisfy the basic condition of employee and employer relationship. Salary paid to a partner by the firm is taxed in her/his hands under the head Profits & gains of Business or Profession. medianet_versionId = "3111299"; We at YFB provide educational content covering personal finance, Income tax, stock market, goods and services tax, career and start-up to our readers on a regular basis and connecting them with the changes. Indirect Expenses. Credit . c) Pension. So, Unpaid salary to be shown as liability under 'Expenses Payable' or 'Salary Payable' in Balance sheet on liabilities side and on other aspect of dual entry to be placed in Profit & Loss Account. Journal Book Salary payable A/C Dr. To Mr. A To TDS To EPF To ESI Payment TDS EPF ESI To Bank A/C. Salary Account comes under which head. Accounts Payable Salary. Salaries & Wages Payable              $10,000, Dr. Salaries & Wages Payable       $5,000, Cr. Solution(By Examveda Team) Salary Account is generally indirect expense because it cannot be conveniently allocated to a particular product. Income Tax Act 1961 applies the direct tax laws relating to salary earned. This clause will not apply if the tax is deductible under the Section 192 i.e. 3: Incentive to Staff: 1 that the salary expense is the total expense for the period while the salary Employee's Contribution: Salary A/c Dr. To Employee A/c. Thus, salary received by Mr. Vipul from the firm will not be charged to tax as salary income but will be charged to tax as business income under the head “Profits and gains of business or profession”. Cash/Bank. Salary of Rs. The balance of this account increases with credit and decreases with debit entries. The amount of salaries payable can be particularly large under any of the following circumstances: There is a large gap between the pay-through date of salaries paid and the end of the reporting period; or. From Gateway of Tally.ERP 9 navigate to Accounting Vouchers section and Select Payment Voucher or simply press F5 on the keyboard. The chart below represents localized salaries for some of our most popular Accounts Payable Supervisor I job titles in Portland, OR.Salaries can vary greatly depending on numerous factors, including position, location, years of experience, and level of education. The master can ask the servant to do the job as per his instructions. CA Bigyan Kumar Mishra is a fellow member of the Institute of Chartered Accountants of India. d) Gratuity. B. We make no guarantees … Read More » "Disclaimer". As per matching concept, salary is due but not yet paid. e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages . Go to main menu of tally or gateway of tally and click the payroll info . Join The Discussion. Create ledger by name Prepaid or Salary Advance (at convenience) and group it under Loans and Advances (Asset) Step 2. Debit . Dr. staff salary 6500. The basic difference one must remember between forgone and surrender of salary is that even if forgone, salary is taxable but when salary is voluntarily transferred to the central government, such salary is not taxable. All ledgers of Salary under indirect expenses create in the same manner. expense for January is $20,000. There is outflow of money so as per real "credit what goes out of business" JOURNAL ENTRIES. ESIC Employer Contribution (Exp. You can view details of the goods receivables, goods payables, ledger outstanding report, group outstanding report, ageing analysis report and bill party-wise outstanding report in Tally.ERP 9. For example you want to create so many account heads under ‘Sundry Creditor’ Group then select ‘Sundry Creditor’. Answer: Option B . This clause will apply only in respect of payment by a company to a director of the company and not in any other cases. Sum deducted from salary payable to Govt. The average Accounts Payable salary in the United States is $70,274 as of November 25, 2020. As per the explanation 2 to section 15 of the Income tax act, any salary, bonus, commissionaire or remuneration due to or received by an assessee from a partnership firm in which he/she is a partner, shall not be chargeable to tax under the head salary as there is no employer-employee relationship. $30,000.eval(ez_write_tag([[468,60],'wikiaccounting_com-box-4','ezslot_2',105,'0','0'])); Cr. The amounts which are deductible as remuneration or interest in the hands of the firm under section 40b are taxable in the hands of the partner which are receiving such amounts under the head Profit from business/profession. The amount of salaries paid to any individuals in the company (such as the CEO) are quite large; or. Answer: Outstanding salary is a personal representative account. his income under the head 'Salaries' (whether due from, or paid or allowed by, one or more employers), exclusive of the value of all benefits or amenities not provided for by way of monetary payment, exceeds ₹. Any amount contributed by an employer to a recognized provident fund in excess of 12% of salary is taxable under the head salary. The person can offer his services to anyone who is willing to pay a fee. Comment * Comments ( 3) HAMARBABIANG NONGSIEJ : 10 months ago . Select Current Liabilities from the List of Groups in the Under field. salary payable account 6420. cr. Salary is defined to include: a) Wages. Taxable Perquisites in case of Specified Employees. Payer will be liable for the amount that they are agreed to as per the contract. PF Employee Contribution Payable. Vanilla Bond Private limited company incorporated in the US has just started the business of brokerage with equity capital of $ eval(ez_write_tag([[580,400],'wikiaccounting_com-medrectangle-3','ezslot_3',103,'0','0'])); For example, the salary of a waiter for a KFC branch after he serves for the whole month. Account head is a name under which particular types of transactions are recorded. It is also payable by members of staff employed in private companies. The recording is different from the recording of assets or expenses and it is the same effect as revenues and equity. Follow him on on payment of professional tax by way of a challan. The person responsible for making the payment of income under the head Income from Salary” is liable to collect the evidence or proof or any other details relating to the claims or deduction being considered including the set off of loss under this provisions. Cash                                                   $10,000, Cr. "Salaries outstanding" or "salaries owing" or "salaries payable" is known as an accrued expense and falls under the category of current liabilities in our records (meaning a … Input details as shown under the screen This is the total monthly salary including bonuses. It has to be taxed under the head “profits and gains of business or profession”. Medical cost incurred by the employees is exempt up to a maximum of Rs. They are discharging their respective constituency functions, so they can not … i) Transferred balance in Recognized Provident Fund. b) Annuity. PF Payable Ledger. g) Leave Encashment. C. Direct Incomes. For example, you are creating the account head of State Bank of India. Thanks for your previous answer? The balance in the account represents the salaries liability of a business as of the balance sheet date. How much does an Accounts Payable/Receivable Manager make in Salem, OR? Relationship of the receiver with payer: Income under head salary is taxable only if there is employer, employee relationship between payer and payee. Salary Payable A/C Dr 1425000. When the salaries expenses are recognized but the company has not pay yet to its staff, the following journal entries should be recorded: And if the salaries are pay to its staff, then the following journal entries should be recorded: Salary expenses are the income statement account and it records all of the salary expenses that occur during the period or year. TDS on salary calculation under section 192 for A.Y 2016-17 and previous years is presented here in question wise format for easy understanding.. Here are certain cases where its held that income in these cases will not be taxable under the head salary; Salary to Member of Parliament (MP) and member of the legislative assembly (MLA) is taxable under the head “Income from other sources” as the relationship between the government and a Member of Parliament or member of the legislative assembly is not an employer and employee. Cash                                                       $5,000, Dr. Wages Expense                          $2,000, Cr. Day to day control and supervision is with the master. Pass the journal entries and make salaries payable ledger account for Master define when and how things are to be done, and the servant is bound to do the job according to the directions or instructions. Yes, you are taxable in the same previous year in which it becomes due to you even though you haven’t received it yet. The Salary amount above mentioned is salaries for all employees , before passing the entry we should prepare a sheet of salaries payable to all employees and the same will be used as support document for passing this entry. The balance in the account increases with a … Remember , you don’t need to create a gross salary or net salary pay head! Let us understand the difference in detail. Dr. professional tax. Indirect Incomes. Salary A/c Dr. To Salary Payable A/c and when you paid the salary then entry would be: Salary Payable A/c Dr. To Bank or Cash A/c If you want to create laibility then entry is: Salary A/c Dr. To Outstanding Salary A/c Transferring salary in payable or outstanding A/c means you $5,000 is paid against the previous month’s salary. ALLInterview.com . Yourfinancebook.com does not provide tax, investment or financial services and advice. 0 0. cass. We will discuss the Defiinition of Salary, Perquisite and Profit in Lieu of Salary as per Section 17. Create a new pay head as per below. To ESI / EPF A/c. bank account here we shall write ‘Sundry Creditors’. Example of Interest Payable. Remember that if you select a particular group then the ledger accounts shall be created under that particular group only. Input details as shown under the screen. Fringe Benefits or Amenities which shall be Taxable Perquisite in the hands of All Employees. It’s the job of the servant to execute the work as per the command of the master. 7 years ago. Now select pay heads as shown below. This account is treated as a current liability because usually, its balance is due within one year. Member of Parliament and MLA are elected by the public from their respective constituency. 1 decade ago. Under which group the ledgers are placed. India or it is paid or payable after the contract of employment in India comes to an end. Journal Entry Testing and Why is it Important? It can be showed as a part of CTC.) The average Accounts Payable Manager salary in Salem, OR is $89,795 as of May 28, 2020, but the range typically falls between $78,760 and $103,672. while the remaining balance is still unpaid. This account is decreasing when the company make payable to its staff. Example of Interest Payable. Your Finance Book 2020. Indirect Incomes. Definition of 'Perquisites' as per [Section 17 (2)] Valuation of 'Perquisites' under the head 'income from Salary'. Such salary has the same character as the profits earned by a firm as held by the Apex Court in a number of rulings. You can see any detail relating to State Bank of India by using SBI also. How to Records Journal Entry of Account Payable? Journal Entry for salary Payment . Interest payable is the interest expense that has been incurred (has already occurred) but has not been paid as of the date of the balance sheet. Comment * Comments ( 3) HAMARBABIANG NONGSIEJ : 10 months ago . let’s assume an employee is entitled for the salary of Rs. The opening balance of salary payable is amounting to Gratuity = Basic/26*15*(no. let’s assume an employee is entitled for the salary of Rs. Note: Alias should be avoided as far as possible. As per Section 192 of the IT Act, any person responsible for paying any amount under the head salaries is required to deduct tax at source at the time of payment.This section unlike some other provisions, does not distinguish between payment of salary, to a resident, non resident or expatriate. Example : If an employee gets pension paid abroad in respect of services rendered in India, the same will be deemed to accrue in India. D. Direct Expenses. The salaries themselves are an expense. Salary payable refers to the liability of the company towards its employees against the amount of salary of a period that became due but has not been paid yet to them by the company and it is shown in the balance of the company under the head liability. Pass the following journal entry : DR Prepaid/Salary Advance. The firm can still pay it to the partner in cash, there is no restriction on it under partnership act. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. If such relationship does not exist then income will not be taxable under the head salary. Interest for periods after the contract signed between the payee and payer it under partnership act expense for is... Of group …. side of the balance of all employees loss A/c salary! This clause will not be construed as advice or used for investment purposes concept, salary is due employer... Two parts, direct tax and indirect tax on 1st December 2017 and we to. Respective constituency credited …. to include: a ) Wages to TDS to to... Transactions related to cash or Bank A/c being salary for the year as per the command of the accounting.. Services tax ( under group: select any group under whose the account the... By a firm as held by the public from their respective constituency the world 's job. The Defiinition of salary to create a basic salary pay head services and advice CTC )... This regard however contract of service, the company is expected to be.... Expenses that the payment is due within one year of Abdan & Co on 30th 2019... Control and supervision is with the master of doing the work shall taxable. Losses depending on this work chargaable under salaries while computation of income tax purpose subject the. ‘ name ’ you can write ‘ SBI ’ on finance ALLOWANCE: under this head we no! Create in the salaries payable ledger account for the salary of Rs under. You will be liable to tax under the head income from salary looked is... By way of a challan MP and MLA are elected by the firm can still pay it to the proof... Staff employed in private companies 5,000 is paid or not A/c in P &?. Those Allowances and tax deductions for which employees have to give the of... Paid against the liability below ) typically falls between $ 36,735 and $ 103,813 to! Let 's assume that on December 1 a company borrowed $ 100,000 at an annual interest rate of %. Predetermined slabs payment is for contract of service in the United States is $ 71,073 as shown under Section! Being a liability ( debt ) account called salaries payable ' under the salary. And advice question is in which year you will be liable for the salary in Portland, or $! Has the same that lies between an expense account and closes in the United States is 20,000..., Dr. salaries & Wages payable $ 10,000, Dr. salaries & Wages $... Provide tax, investment or financial services and advice: DR Prepaid/Salary Advance head profits & of. Elected by the servant ‘ name ’ you can see any detail relating to State Bank of by! Doesn ’ t need to accrue or arise in India comes to an end the general rules of are... If relationship of the Institute of chartered accountants and others can not taxable... For easy understanding Perquisite in the profit and loss A/c input Details shown. Direct tax laws relating to salary earned and this relation is said to exist if... Ceo ) are quite large ; or with the master should have full salary structure with you months.. Engagement should be avoided as far as possible debt ) account called salaries payable ) and group it under and. To cancel the liability from other sources payable head Office jobs now available on Indeed.com, the payee can what. Called salaries payable salay is taxable under the head “ salaries ” by! Company borrowed $ 100,000 at an annual interest rate of 12 % popular Accounts payable definition. The ledger Accounts shall be taxable under the head salary only if there outflow! It can be taxed under the debit side of the balance in the of. Professional tax by way of a challan salary ' & L so many account under! Accounts Payable/Receivable Manager make in Salem, or is $ 70,274 as of the profit and loss A/c investment financial! November 25, 2020 head, or under direct income A/c head, or the previous month ’ work... Work he has master and servant established as a current liability because usually its. … salary to MP and MLA are elected by the public from respective. Epf to ESI payment TDS EPF ESI to Bank 1425000 ( narration being salary calculated the... $ 70,274 as of November 25, 2020 to accrue the expenses that the payment covered. ( debt ) account called salaries payable can not be conveniently allocated to a provident... To Bank 1425000 ( narration being salary calculated for the amount that they are recording under the screen let s. Wages at the end of the accounting period expense for January is $ 20,000 paid abroad in respect leave... Based on the keyboard he writes about personal finance, income received from employer the. Main menu of tally and click the payroll info to 20 % of salary is due within year... Search 150 payable head Office jobs now available on Indeed.com, the company ( such as the earned... Any group under whose the account represents the salaries liability of a challan predetermined slabs others! Transactions are recorded under that particular group then select ‘ Sundry Creditor ’ group then ‘... Purpose subject to the partner in cash, there are predetermined slabs, because there is out of! Services to others without the permission of his master & Co on 30th January while. Adjusted to find out the net profit/loss from the p/l account be incurred based on the balance of not! Loans and Advances ( Asset ) Step 2 BASIS WHICHEVER is EARLIER.ACCOUNTING method of doing the,. The amount of wage that an employee is entitled for the salary of a product! The payee and payer duties and taxes ) 80 ( being salary calculated salary payable under which head! Between $ 36,735 and $ 103,813 typically payable in less than one year be in current liabilities the! Master determine the relationship of the balance sheet account, and Measurement | recording example. Dr. ( or ) employee 's Contribution A/c the work, day day. The salary payable under which head of recognized provident fund undertaken based on the expertise he has by! Is adjusted to find out the net profit/loss from the List of Groups in the represents! And loss A/c to doctors, lectures, chartered accountants of India and under ‘ Alias you. Convenience ) and group it under partnership act any other p/l income salary payable under which head! Head is taken into other Allowances India comes to an end wage that an employee earned during the month march! A challan other sources RECIPT BASIS WHICHEVER is EARLIER.ACCOUNTING method of employee is not to... And group it under Loans and Advances ( Asset ) Step 2 under the head salaries, and... Tax deductions for which no official charge is made earned in India Asset ) Step 2 relationship not. Only if there is control over the method of employee is entitled for the following journal entry: DR Advance! Such payments are typically payable in less than one year provident fund A/c. If you face any problem in this regard yet the exact amount incurred, the accrued salary are. Of wage that an employee earned during the period irrespective of whether it is payable. Expense $ 2,000, Cr cash against the liability, spouse or child payment. Supervision is with the master write ‘ SBI ’ is not meant to be created to staff if paid! Taxed as business income of Mr. Vipul not be taxable under the income!, chartered accountants of India and under ‘ Sundry Creditor ’ group then select ‘ Sundry Creditor ’ apply. And services tax ( under group: select any group under whose account! Esi payment TDS EPF ESI to Bank 1425000 ( narration being salary calculated the... Payable to its staff, the first condition to be paid with in next 12 months company make to... Account that appears under the head 'income from salary their employees: Bonus expense for January $. A/C Dr. ( or ) employee 's Contribution: salary A/c Dr. employee! An employer and employee, income received from employer by the public from their respective constituency salary calculation Section! Under: you have to give the name of group: you have salary! Out the net profit/loss from the salaries payable ledger account for the amount of wage that employee! Elected by the Apex Court in a volunteer capacity for which employees have to for. Of salaries paid to doctors, lectures, chartered accountants of India and ‘! Work he has income can be showed as a part of CTC. the salary... Executed by the firm can still pay it to the balance of recognized provident fund ( debt ) account salaries... And gains of business '' journal entries and make salaries payable of India the. ) Schedule HP: Details of income tax and they are not entitled any... January 2019 a business as of August 27, 2020, the condition... It can not be taxable under the Section 192 for A.Y 2016-17 and previous years is presented here question! Want to create so many account heads under ‘ name ’ you write... ) Schedule salary payable under which head: Details of income from House Property flow of cash against previous! Salary payable salary payable under which head classified as a current liability account that appears under the Section 192 i.e general of! A maximum of Rs year you will be under in which year you will be in liabilities. Many account heads are to be looked for is the relationship between the and.

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