Accounts

This query is : Resolved

riddhi (Querist)
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23 July 2015 If we are receiving fees from 1 client and who is deducting tds so how to book the bill?

i have done it this way

Client dr.
to income
to tds

bank dr
to client cr
is it correct?
tds is on profesisonal fees so can i adjust it with the tds paid on professional fees? as in can i put this also under current liabilities - duties and taxes?

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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23 July 2015 As you can eligible to adjust the same , it will be asset for you hence the entry will be,

Bank A/c Dr
TDS receivable A/c Dr
To Fee A/c

The same to be shown in asset side , will adjusted on assessment.