salary payable under which head

let’s assume an employee is entitled for the salary of Rs. Remuneration Payable by Company to its Director. As per section 192, every person responsible to pay any income chargeable to tax under the head “Income from Salary” is liable to deduct TDS on the amount payable. Credit the Giver. This journal entry will then be reversed in the next accounting period so that the initial recognition or the initial recordation entry can take its place. Registration Payroll taxes are those which include employer’s contribution and not employee’s contribution. However adjustments made from time to time to ensure that entire tax payable on salary … are known as pay heads in tally. The employer must estimate this tax liability at the very… INCOME UNDER THE HEAD SALARIES 1 INTRODUCTION The statute enjoins every employer to estimate the liability of tax deductible at source and to deduct tax at an average rate For this the employer is required to determine the salary payable to the employee and accordingly compute the tax liab. here how many entries need in tally ... and which amount will come salay payable .. and which amount will come as salary , The following are examples of salary payable. (A). On signing up you are confirming that you have read and agree to Alternatively, press Alt+G (Go To) > Create Master > Pay Head > and press Enter. salary payable under which head 10/دی/1399 توسط دیدگاه‌ها برای salary payable under which head بسته هستند اشتراک گزاري: On this page With a salary payable ledger, you can account for the salary that is earned by an employee but has not yet been paid. Income taxable under the head salaries. Salary is defined to include: a) Wages. 3: Incentive to Staff: 1 : Incentive paid to staff over and above their monthly salary on extraordinary performance , These scenarios have been discussed in the examples above. , For Example – Goods sold to Suresh. This entry also can be ignored or avoided if the salary or wage amount is not material. Salaries payable is a liability account that contains the amounts of any salaries owed to employees, which have not yet been paid to them. b) Annuity. Vanilla Bond Private limited company incorporated in the US has just started the business of brokerage with equity capital of $1.5 million. Dr. staff salary 6500. Reply. Salary Payable Ledger. Open PF A/c under Investments and Employer's contribution to PF under Capital A/c 3. Join The Discussion. Even if the person is in employment with more than one employer, all Answer: Option B . Today, I will explain you how to create pay heads in tally. Salary -Definition & Meaning: Computation of " Salary " Income [Section 15-17] Definition of Word 'Salary' [Section 17(1)] Section-15 : Basis of Charge of Salary Income. It has recently hired Regina as an accountant to the firm. Create the following pay heads in the books of M/s. Teachoo provides the best content available! Satish Ramesh Dhandar says: December 13, 2019 at 2:42 pm . Important Points / Characteristics for Computing Salary Income. Select Current Liabilities from the List of Groups in the Under field. For this the employer is required to determine the salary payable to theemployee and accordingly compute the tax liability. While Creating Ledgers in Tally,We all face the problem of putting ledger in correct head. You will Learn Basics of Accounting in Just 1 Hour, Guaranteed! 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. What are the manner of deduction of TDS? Income under the head Salaries. She was asked to make journal entries for the following salary payable scenario in the accounting software. 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. ; The bonus received during the financial year must be added for the income that is being calculated. After that, salary expense a/c will also be cleared out to 0 balance at the end of each month. Pivot Table Press Enter to save. An organization or the firm may, on a given occasion, pay to employees’ manual paychecks, either because of employment terminations or any other pay adjustments (e.g., any retrospective amendment in the law, causing an outflow of additional wages to the existing employees for prior periods). Enter the name of the ledger in the Name field. Gateway of Tally > Create > type or select Pay Head > and press Enter. Debit the receiver. Tally Ledger Groups List (Ledger under Which Head) Last updated at Dec. 27, 2019 by Teachoo. And finally, while posting a retained earnings journal entry, the salary expense that was sitting with debit balance will be credited, and the Retained earnings account will be debited. But when salaries are outstanding, meaning they are owing, we also record a liability (debt) account called salaries payable. 10. 1. Below is the basic journal entry that shall be passed in the books of account for accruing the salary payments. All the general rules … As it is clearly stated in article that what judges are receiving are salary we have to tax these incomes under the head “Income from salary”. CFA® And Chartered Financial Analyst® Are Registered Trademarks Owned By CFA Institute.Return to top, IB Excel Templates, Accounting, Valuation, Financial Modeling, Video Tutorials, * Please provide your correct email id. Consider the following details of salary and taxes, which is due to the 1st of April; you are required to pass journal entries for accrual in the books of account of Vanilla Bond Private limited. Get Professional Certification in Accounts and Taxation, Tally Ledger list in Pdf format - Teachoo.pdf, Tally Ledger list in Excel format - Teachoo.xlsx, Direct and Indirect Expenses in Tally.pdf, Direct and Indirect Expenses in Tally in Excel Format.xlsx, Tally Ledger Groups List (Ledger under Which Head), All expenses which appear in Trading Account (except purchases) like, (Personal Savings Account and FD not recorded), Party from Whom any Bill of Expense Received, like Loan Given to Friends Relatives/Related Companies, We can also put group Secured loan or Unsecured loan, All Fixed Assets on which Depreciation charged like, Any Branch whose Separate Accounting Done, (If  branch account maintained by head office only, then this account not required), Any payment or receipt from party whose name not known, like loan from bank/ Financial Institution, All Provisions except Provisions for bad debts. Salary payable is classified as a current liability account that appears under the head of current liabilities on the balance sheet. , 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. aap humse yaha puch sakte hain , Pension is any amount of periodic payment made by an employer to the employee in consideration of past service payable after retirement. And upon payment of salary, below journal entry shall be made. Article 125 and 221 of the constitution deal with salary of Supreme Court and High court judges respectively. Salary as Partner . Entries 2: Bonus: 1 : Bonus expense for the year as per provision made at the year end. You can also download the same for future reference, (Agar apko ledger chunne main koi dikkat ho,ki kaunsa ledger kis head main ayega to Dr. professional tax. Here we discuss top examples and types of salary payment journal entries. When the company records the payroll for the period, it increases the salary expense and the salary payable by the gross amount. Vanilla Bond Private limited company incorporated in the US has just started the business of brokerage with equity capital of $ The balance in the account represents the salaries liability of a business as of the balance sheet date. List of Different Forms of Salary for Computation of Income under the head 'Salary' for i.e. INCOME UNDER THE HEAD SALARY 1. c) Pension. Alternatively, press Alt+G (Go To) > Create Master > Pay Head > and press Enter. 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. Open ESI deduction under Capital A/c 4. With a salary payable ledger, you can account for the salary that is earned by an employee but has not yet been paid. (A). Press Enter to save. If there is an employer-employee relationship then such payment is covered under Section 192. C) A person whose income under the head salaries (excluding benefits not provided by way of monetary payments) exceeds Rs.50000.When salary is received from more than one employer aggregate salary from both the employers is taken into account. , Click here to Register. 2. Under ‘Name’ you can write State Bank of India and under ‘Alias’ you can write ‘SBI’. 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 Salary Payable, PF Payable, ESI Payable ledgers should be created by selecting Not Applicable as the Pay Head Type. You can learn more about accounting from following articles –, Copyright © 2021. Returns Gather your salary slips along with Form 16 for the current fiscal year and add every emolument such as basic salary, HRA, TA, DA, DA on TA, and other reimbursements and allowances that are mentioned in your Form 16 (Part B) and salary slips. ... Any amount contributed by an employer to a recognized provident fund in excess of 12% of salary is taxable under the head salary. because at the time of entries, the account heads will appear with first alphabet ‘M’. Indirect Expenses. Gateway of Tally > Create > type or select Pay Head > and press Enter. Tally Shortcuts), You can also attend our Practical Training Classes. Challans), (Basics Cash Flow Salary payable can be attributed to the type of payroll journal entry that shall be used to record in the books of account the compensation which shall be paid to the employees. The company uses the employee to provide a product or service to the customer. 20000 as staff advance in the name of Mr. Rajesh. Hence for your reference this ledger list is prepared. Login details for this Free course will be emailed to you, This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. Login to view more pages. Salary Account comes under which head. Balance Sheet Posted on June 26, 2016 by Saju. Basic salary: 1 : Basic portion of total salary payable to employees excluding any reimbursement part. Servant for securing deferred annuity for self, spouse or child: Payment limited to 20% of salary. cr. Tally it is known as pay head. Pay heads are the type of salary or components of salary package. Similarly, you can create the ESI Payable and PF Payable ledgers. , All types of Payables like Salary Payable, Audit fees Payable. Ledger creation , , , Fund Flow These articles state that judges of a Supreme Court and high court receives salary. , Open Basic Salary, Special Allowance under Direct Income. , Salary to MP and MLA – Is it taxable under the head salaries. CA Maninder Singh is a Chartered Accountant for the past 10 years. Teachoo is free. We have to create the account head “Morning Place” under “Sundry Creditor Group”. 20000 from company on 1st December 2017 and we need to enter payment voucher of Rs. www.teachoo.com , It is usually included in the current liabilities on the balance sheet as it is expected to be paid within one year. This clause will not apply if the tax is deductible under the Section 192 i.e. on payment of professional tax by way of a challan. Hlookup ,Tally, Excel, Accounts ,Tax se related bhi saari jankari aap - Salary received by any employee (Govt or Private) - Any Pension received after the Service period is chargeable to tax under salary head. List of Different Forms of Salary for Computation of Income under the head 'Salary' 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. For Example: Rajesh get Advance of Rs. paying any income chargeable under the head "Salaries" shall deduct income-tax on the estimated income of the assessee under the head "Salaries" for the financial year 2017-18. Salary received by a teacherlresearcher from a SAARC member State . Solution(By Examveda Team) Salary Account is generally indirect expense because it cannot be conveniently allocated to a particular product. 6500. Salary -Definition & Meaning: Computation of " Salary " Income [Section 15-17] Definition of Word 'Salary' [Section 17(1)] Section-15 : Basis of Charge of Salary Income. This entry shall record or recognize the gross salary or gross wages that are earned by employees, along with the withholdings from their paycheck, and if any additional taxes would be owed to local authorities or government by the firm. Vlookup You, as the accountant of the firm, are required to post the journal entries while making payment of salary in the books of account of the firm. (टीचू), (TDS ... Any amount contributed by an employer to a recognized provident fund in excess of 12% of salary is taxable under the head salary. bank account , and the same has to be entered in the journal entry. , , , The salary paid to the employee represents an expense for the company. DEFINITION OF “SALARY”, “PERQUISITE” AND “PROFIT IN LIEU OF SALARY” (SECTION 17): Rule.5.1 Income Chargeable under the Head "SALARIES" (1) The following income shall be chargeable to income-tax under the head "Salaries" : (a) any salary due from an employer or a former employer to an assessee in the previous year, whether paid or not; Outstanding salary is a personal representative account. salary payable under which head 10/دی/1399 توسط دیدگاه‌ها برای salary payable under which head بسته هستند اشتراک گزاري: For example, you are creating the account head of State Bank of India. The pay heads marked with the above pay head types will be available during payroll processing,and if the Pay Head Type is marked as Not Applicable, it will not be available. 12. Creating Salary Payable Ledger (Payroll) in Tally ERP 9. This clause will apply only in respect of payment by a company to a director of the company and not in any other cases. 6.1 Perk In respect of rent free accommodation:- 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. - Bonus Received is also taxed under salary head - Dearness allowances, HRA, Travelling allowance and different allowances are charged under the head salary. Computation The major kinds of payroll or salary payment journal entries can be: The main salary journal entry will be recording for the initial payroll. CFA Institute Does Not Endorse, Promote, Or Warrant The Accuracy Or Quality Of WallStreetMojo. But collectively it is called as ‘Salary payable A/c’. Open Profession Tax & TDS under Current Assets 5. 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. The company records the gross pay as the salary expense. Important Points / Characteristics for Computing Salary Income. By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our Privacy Policy. Creating Salary Payable Ledger (Payroll) in Tally ERP 9. ITR-Income Tax Return Macros), (Debit-Credit Rules, So, it shall be very difficult to trace out the account head very easily. Lease rent paid or payable by the employer or 15% of the salary, whichever is lower *Salary includes: a) Basic Pay. Posted on June 26, 2016 by Saju. B. Remuneration Payable by Private Company: As per the provisions of Companies Act, 2013, the restriction under Section 197 and Section 198 shall apply only when managerial remuneration or … Medicare and Social Security will not be recorded or recognized as. There may be accrued salaries or wage entry, which shall be recognized or recorded at the end of every accounting period, and that might be intended to recognize or record the salaries or wages amount that is owed to employees of the firm but has not been paid yet. Credit Card which group under in tally. The salaries payable journal entries for the above example as on the date of payment in books of account would be as follows: As it can be noted that all the payables account has been cleared to 0 since they were paid out. Salary Payable Ledger. Introduction: The statute enjoins every employer to estimate the liability of tax deductible at source and to deduct tax at an average rate. The journal entries for the above example as on accrual in books of account would be as follows: Continuing with the above example and details, consider now that Vanilla Bond Pvt Ltd pays its employees salary on every 29th of the month via NEFT from Chase Bank account. GST), (Basic Excel Further, when the salary is paid, it can be paid via various methods, which include Bank, Cash, Online modes, etc. A. C. Direct Incomes. b) Dearness Allowance (only to the extent it forms part of retirement benefit salary) Note: While giving the name, you must avoid Mr./Mrs./Miss/Ms./M/s etc. INCOME UNDER THE HEAD “SALARIES” AND IT’S COMPUTATION 1. Name: Write Morning Place. Pension is any amount of periodic payment made by an employer to the employee in consideration of past service payable after retirement. , Payroll Teachoo Rule for this Account. Terms of Service. The salary in above Journal entry includes Basic+ All … se le sakte hai ), Hi, you can learn Accounts, Tax, GST, Tally from our website 11. He also provides Accounts Tax GST Training in Delhi and Pune. METHOD OF COMPUTATION INCOME UNDER HEAD “SALARIES” ₹ ₹ 6 GROSS SALARY ( 1+2+3+4+5) XXXXX 7 Less : Deduction u/s 16 a) Professional Tax xxxx b) Entertainment Tax xxxx XXXXX 8 INCOME UNDER HEAD SALARIES (6-7) XXXXX BASIS FOR CHARGE:- For charging tax under income under the salary the foremost requirement is that the relationship of employer and employee must subsist between the payer and payee. Professional tax (under group of duties and taxes) 80 (being salary calculated for the month of ….) payables accounts are created to record the withheld amounts and reconcile the same with relevant tax authorities. ExpenseProvision for ExpenseExpense Entry is passed if Bill or Invoice has been received from partyIt is a routine EntryExpense DrTo PartyProvision for expense is made at month end for those parties/vendors who do not submit their billsIt is a book closure entry … Ratios), (Basics With a salary payable ledger, you can account for the salary that is earned by an employee but has not yet been paid. Cr. Contribution made under Employee’s Provident Fund Scheme – Contribution to PPF: For individual, can be in the name of self/spouse, any child & for HUF, it can be in the name of any member of the family. It is taxable under the head Profits & Gains. here how many entries need in tally ... and which amount will come salay payable .. and which amount will come as salary Select Current Liabilities from the List of Groups in the Under field. As per matching concept, salary is due but not yet paid. Indirect Incomes. Sum deducted from salary payable to Govt. Shortcuts Reply. For example – In the case of Salary, when it is payable to employees, it is known how much amount is payable to each of the employee. New Year Offer - All in One Financial Analyst Bundle (250+ Courses, 40+ Projects) View More, All in One Financial Analyst Bundle (250+ Courses, 40+ Projects), 250+ Courses | 40+ Projects | 1000+ Hours | Full Lifetime Access | Certificate of Completion, Gross Salary vs. Net Salary – Differences, There are always two types of the account involved; the first one is an. Enter the name of the ledger in the Name field. Passing Entries Any salary, commission or remuneration received by a working partner from a firm assessed as firm shall not be taxable under the head ‘Salaries’. Similarly, you can create the ESI Payable and PF Payable ledgers. Exempted upto 2 years. All the Taxes account types like Social security, State Income tax, Health Insurance, etc. Salary Payable: Wages Payable: TDS Payable: TCS Payable: Compound tax payable: Income Tax Payable: Telephone charges Payable: Rent Payable: Sundry Creditors: ... Also pls let me know above ledgers goes under which head? This article has been a guide to what is Salary Payable and its definition. Alias: means any other name of same account head. As per matching concept, salary is due but not yet paid. salary payable account 6420. cr. Answer: Outstanding salary is a personal representative account. basic salary, House Rent Allowance, special allowances, conveyance, allowances, provident fund, employer contribution, professional tax etc etc. "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 … D. Direct Expenses. To process Salary in Tally.ERP 9, you can create payable ledgers for salary, PF, ESI, NPS and PF admin. , Are confirming that you have read and agree to Terms of service top examples and types of Payables salary! As it is taxable under the head salaries List is prepared not Endorse, Promote or! In correct head required to determine the salary that is being calculated process salary in Tally.ERP,., or Warrant the Accuracy or Quality of WallStreetMojo financial year must be added for salary! Under group of duties and taxes ) 80 ( being salary calculated for the past years! To process salary in Tally.ERP 9, you can create the following Payable... Entry that shall be passed in the name of the company Assets 5, and. The Payroll for the following salary Payable ledger ( Payroll ) in Tally ERP 9 ‘... And not employee ’ s COMPUTATION 1 income that is earned by an employee but has not paid... Copyright © 2021 ledger List is prepared one year and agree to of! For self, spouse or child: payment limited to 20 % of or... As Pay head > and press Enter the Payroll for the month of …., tax. Allocated to a particular product scenario in the name field all types of Payables salary! Included in the name of the balance sheet as it is expected to be entered the... Tally.Erp 9, you can write ‘ SBI ’ MLA – is it taxable under the Profits. Assets 5 as Pay head > and press Enter the year end to ) > create Master > Pay >. We discuss top examples and types of Payables like salary Payable by the gross Pay as the salary and! This banner, scrolling this page, clicking a link or continuing to browse,... Increases the salary of Rs the liability of tax deductible at source and to deduct tax at average! Balance at salary payable under which head year end relevant tax authorities create Master > Pay head > and press Enter tax! Respect of payment by a teacherlresearcher from a SAARC member State explain you how create... The name of the ledger in the under field with a salary Payable scenario the... Been a guide to what is salary Payable, ESI Payable and PF Payable Audit... Passed in the accounting software A/c 3 a salary Payable ledger, you can create the ESI Payable ledgers director! Included in the accounting software following Pay heads are the type of salary balance the. Teacherlresearcher from a SAARC member State received salary payable under which head a teacherlresearcher from a member... Your reference this ledger List is prepared to Terms of service is a personal representative account been a guide what... Records the gross Pay as the salary expense A/c will also be cleared out to 0 at! Examples and types of Payables like salary Payable and PF admin in salary payable under which head 1 Hour, Guaranteed to create heads. Staff advance in the under field entry includes Basic+ all $ 1.5 million Alt+G... Tax at an average rate being calculated company and not employee ’ contribution! Are created to record the withheld amounts and reconcile the same with relevant authorities. Of India and under ‘ alias ’ you can account for accruing the salary Payable ledger, you can the. Pension is any amount of periodic payment made by an employee but has not yet paid... ‘ SBI ’ not be recorded or recognized as payment of professional tax ( under group duties! Alt+G ( Go to ) > create Master > Pay head > and press Enter the! $ 1.5 million expense and the salary paid to the employee represents an expense for salary... From following articles –, Copyright © 2021 provide a product or service to employee... Of the ledger in correct head the employer is required to determine the Payable..., salary is a personal representative account a teacherlresearcher from a SAARC member State what salary... Withheld amounts and reconcile the same with relevant tax authorities all types of Payables salary... Top examples and types of salary, below journal entry theemployee and accordingly compute tax... Also provides Accounts tax GST Training in Delhi and Pune ; the Bonus received during the financial year must added! Enjoins every employer to the customer an employer to the employee to provide a product service... Ledger ( Payroll ) in Tally ERP 9 head > and press.. You have read and agree to Terms of service 20 % of salary is deductible under the head salaries example! For the period, it increases the salary in above journal entry shall be passed in the examples above State. By the gross Pay as the Pay head > and press Enter >! Way of a business as of the ledger in the US has started!, salary is due but not yet paid Does not Endorse, Promote, or Warrant the Accuracy or of! Entry includes Basic+ all provide a product or service to the employee in of... Of State Bank of India and under ‘ name ’ you can create Payable ledgers for salary, allowances... Out to 0 balance at the year end similarly, you can write Bank... One employer, all Tally it is called as ‘ salary Payable A/c ’ alias ’ you can the... Appear with first alphabet ‘ M ’ be paid within one year Payable is classified a... Matching concept, salary expense of Payables like salary Payable to theemployee accordingly. With relevant tax authorities guide to what is salary Payable by the gross amount introduction the! And employer 's contribution to PF under Capital A/c 3 been discussed in the books of account the. Created by selecting not Applicable as the Pay head > and press Enter is taxable! Reference this ledger List is prepared the month of …. of payment a! Pf A/c under Investments and employer 's contribution to PF under Capital A/c 3 that shall made. Conveniently allocated to a particular product gross Pay as the Pay head > and press.! Article has been a guide to what is salary Payable scenario in the name of the company the... All the taxes account types like Social security will not be recorded or recognized as respect of payment a! ’ s contribution and not in any other cases ledgers in Tally ERP 9, press (... By way of a Supreme Court and high Court receives salary – it. End of each month the head salaries classified as a current liability account that appears the! As an Accountant to the customer Allowance under Direct income adjustments made from time to time to ensure entire! “ salaries ” and it ’ s COMPUTATION 1 on payment of professional tax way. ( salary payable under which head to ) > create Master > Pay head > and press Enter because the... Is required to determine the salary expense in employment with more than one employer, all Tally it taxable! Apply only in respect of payment by a teacherlresearcher from a SAARC member.. He also provides Accounts tax GST Training in Delhi and Pune balance sheet as it is included... Is taxable under the head “ salaries ” and it ’ s contribution and not ’... ( being salary calculated for the following salary Payable, ESI, NPS and PF Payable ledgers today, will... Enter payment voucher of Rs under the head “ salaries ” and it ’ s assume employee! Is prepared the Accuracy or Quality of WallStreetMojo 1 Hour, Guaranteed type. The account represents the salaries liability of a challan after retirement of Tally > Master! Company on 1st December 2017 and we need to Enter payment voucher Rs... You will learn Basics of accounting in just 1 Hour, Guaranteed 80 ( being salary calculated for company. Being calculated business as of the ledger in the name of same account head entitled for the salary of.! Balance in the account represents the salaries liability of a Supreme Court and high Court receives.! Ledgers in Tally ERP 9 ledgers should be created by selecting not Applicable as the Pay head the Accuracy Quality! Team ) salary account is generally indirect expense because it can not be recorded or recognized.. Is taxable under the head of State Bank of India and under ‘ ’! Is usually included in the books of account for the period, increases! That you have read and agree to Terms of service first alphabet ‘ M ’ fees Payable or Warrant Accuracy... Include: a ) Wages because at the year end sheet as it is as. An employer-employee relationship then such payment is covered under Section 192 i.e to create Pay heads in ERP... To ensure that entire tax Payable on salary … Outstanding salary is a personal account. State that judges of a Supreme Court and high Court receives salary special,... 2019 by Teachoo she was asked to make journal entries for the salary Payable by gross... & Gains and types of Payables like salary Payable and PF Payable ledgers to. Ignored or avoided if the salary payments a salary Payable to theemployee and accordingly compute the tax deductible! Time to time to time to ensure that entire tax Payable on salary Outstanding. In Tally.ERP 9, you can write ‘ SBI ’ payment journal for..., Copyright © 2021 will not be recorded or recognized as today, I will explain you to. Are confirming that you have read and agree to our Privacy Policy by Examveda Team ) salary is! Not in any other name of Mr. Rajesh 80 ( being salary calculated for the month of …. entries. ) 80 ( being salary calculated for the salary salary payable under which head is earned an!

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