TDS Deduction Entry
This query is : Resolved
28 March 2008
Suppose we have to deduct TDs on transport for a Contractor say ABC and the Bill received is for Rs. 25000/-
The usual Entry will be
DR CR
Transport charges 25000
ABC 25000
and later on we pass TDS Entry as
ABC 515
TDS Payable 515
But now they want to pass only single entry
Transport Charges 25000
TDS 515
ABC 24485
If this is correct or not and How will the Service Tax be effected if it has to be paid by us.
and the same if we pay the amount first as advance then how to make the TDS deduction
The usual Entry will be
DR CR
Transport charges 25000
ABC 25000
and later on we pass TDS Entry as
ABC 515
TDS Payable 515
But now they want to pass only single entry
Transport Charges 25000
TDS 515
ABC 24485
If this is correct or not and How will the Service Tax be effected if it has to be paid by us.
and the same if we pay the amount first as advance then how to make the TDS deduction
28 March 2008
the entry is very much correct. if tds is deducted on advance payment ,then in the entry u have mentioned, tds would be shown with lesser amt.
28 March 2008
if No advance is paid and we make the Bill Entry Directly.
is the Single Entry of the bill in my query correct.
is the Single Entry of the bill in my query correct.
28 March 2008
The 2nd entry is correct, but the earlier one is a better method.
28 March 2008
both d entries r correct. if ur paying advanced to transporter tds to be deducted at that point of time only d entry will be : abc co. a/c dr to tds payable and to bank a/c(net amount)and later when the services r finally provided then transport charges a/c dr to abc co. ltd a/c and also for tds the entry would be tds payable a/c dr to bank a/c.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- RCM - commercial rent paid to URP under GST
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- TDS NUMBER SURRENDER
- Offsetting interest income against derivative trading losses
- Gst Sales of FY 2023-24
- Legal heir raised refund , but refund issued to the closed account of deceased.
- My Last working day in current org is in novemebr 2024 but they are asking me to submit IT proof
- Indexation benefit applicability
- SEC 54 OF IT ACT
- Passed group 2 exams under wrong gender
- REQUIREMENT OF 15CB
- QUERY FOR RCM ON RENT
- APPEAL-CIT
- Payable outstanding for years disallowance
- Whether still royalty
- Issue of gst e invoice
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
