Accounting treatment of tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2014
SUPPOSE IF AM RUNNING A FIRM AND DEDUCTING MY EMPLOYEES TDS FORM THERE SALARIES.HOW DO I SHOW IT IN MY P/L A/C..THE FULL AMOUNT INCLUDING TDS OR THE AMOUNT LESS TDS IN MY PL A/C AND ALSO WHERE DO I SHOW THE THIS ADJUSTMENT IN BALANCE SHEET ?
09 March 2014
Salaries need to show in the p&l gross only. TDS adjustment need to calculate in the balance sheet payable
Message likes :
1 times
09 March 2014
Reply to your query in example form.
Suppose Salary of employee is Rs.100/- and TDS is Rs.10/-
Accounting Entry :-
Salary A/c ( P & L ) Dr. 100
To Cash/Bank 90
To TDS (BS- Liability) 10
Suppose Salary of employee is Rs.100/- and TDS is Rs.10/-
Accounting Entry :-
Salary A/c ( P & L ) Dr. 100
To Cash/Bank 90
To TDS (BS- Liability) 10
Message likes :
1 times
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2014
thnks sirs,Sir and also while computing the income tax i should deduct this tds from the tax payable rite???
10 March 2014
not against your tax payable.
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