Question

Enter the following journal entry
Salary paid for the month of july
Basic salary. Rs 5000
Add D.A. Rs 700
Less T.D.S.@10% Rs 570
P.F @10%. Rs 570
Net amount paid by cheque. Rs 4560​

Answer 1

Answer:

Calculate gross monthly income as a sum of basic income, allowances and perquisites. Calculate available exemptions under Section 10 of the Income Tax Act (ITA). ... As TDS is calculated on yearly income, multiply the corresponding figure from above calculation by 12. This is your yearly taxable income from salary.

Explanation:

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Answer 2

Answer:

Salaries payable A/c. 5700

To TDS/ TDS payable A/c. 570

To Bank A/c. 4560

To PF Payable A/c. 570