Tds
This query is : Resolved
16 April 2014
sir can you please provide me with entries of TDs from stage of deduction till payment and in both manner as deductor and deductee.
16 April 2014
TDS entries,
1. In the books of deductor,
---When tax deducted,
Expense A/c. Dr.100
To TDS payable (say 10%) Cr. 10
To Party (Creditor) Cr. 90
---When TDS deposited,
TDS payable A/c Dr. 10
To bank Cr.10
2.) In the books of deductee,
Party (debtor) Dr.90
TDS Receivable (FY 20XX-XX) Dr.10
To sales / services Cr. 100
Regards,
Devanand
1. In the books of deductor,
---When tax deducted,
Expense A/c. Dr.100
To TDS payable (say 10%) Cr. 10
To Party (Creditor) Cr. 90
---When TDS deposited,
TDS payable A/c Dr. 10
To bank Cr.10
2.) In the books of deductee,
Party (debtor) Dr.90
TDS Receivable (FY 20XX-XX) Dr.10
To sales / services Cr. 100
Regards,
Devanand
17 April 2014
ANSWER GIVEN BY MR DEVANAND IS CORRECT
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