what is the treatment of TDS receivable & TDS payable
This query is : Resolved
11 June 2010
Dear, sir\Madam
i would like to know that how will i record a transaction where i received Rs.900 after deducting Rs.100 Tds from a debtor.(journal entry. how will i adjust Tds? in the same manner what will be the journal entry, if i pay Rs.900 after deducting Tds?
Is it the case that the net of TDS receivable and payable will be paid to Govt.
Thanks in advance
i would like to know that how will i record a transaction where i received Rs.900 after deducting Rs.100 Tds from a debtor.(journal entry. how will i adjust Tds? in the same manner what will be the journal entry, if i pay Rs.900 after deducting Tds?
Is it the case that the net of TDS receivable and payable will be paid to Govt.
Thanks in advance
11 June 2010
NO TDS RECEIVABLE AND TDS PAYABLE CAN NOT BE SET OFF. TDS RECEIVABLE IS INCOME TAX PAID BY YOU ON YOUR INCOME AND TDS PAYABLE IS PAID BY YOU AFTER DEDUCTING THE SAME FROM DEDUCTEE. SO YOU ARE JUST DEDUCTING AND DEPOSITING.
ENTRY:
CASH/ BANK DR... 900
TDS RECEIVABLE 100
TO DEBTORS 1000
ENTRY:
CASH/ BANK DR... 900
TDS RECEIVABLE 100
TO DEBTORS 1000
Message likes :
6 times
11 June 2010
For the receipt of Rs.900 after deducting Rs.100 TDS:
Bank A/c Dr Rs.900
TDS Receivable A/c(Current Asset) Dr Rs.100
Debtors A/c Cr Rs.1000
For the payment of Rs.900 after deducting Rs.100 to creditor:
Creditor A/c Dr Rs.1000
TDS payable A/c(Curr.liab) Cr 100
Bank A/c Cr Rs.900
When you pay TDS of above to the govt:
TDS payable a/c Dr.Rs.100
Bank A/c Cr Rs.100
When you receive TDS refund in first case:
Bank A/c Dr.Rs.100
TDS Receivable A/c Cr Rs.100
If you adjsuted against your tax liability:
Income Tax Exp A/c Dr.100
TDS Receivablke A/c Cr Rs.100
Bank A/c Dr Rs.900
TDS Receivable A/c(Current Asset) Dr Rs.100
Debtors A/c Cr Rs.1000
For the payment of Rs.900 after deducting Rs.100 to creditor:
Creditor A/c Dr Rs.1000
TDS payable A/c(Curr.liab) Cr 100
Bank A/c Cr Rs.900
When you pay TDS of above to the govt:
TDS payable a/c Dr.Rs.100
Bank A/c Cr Rs.100
When you receive TDS refund in first case:
Bank A/c Dr.Rs.100
TDS Receivable A/c Cr Rs.100
If you adjsuted against your tax liability:
Income Tax Exp A/c Dr.100
TDS Receivablke A/c Cr Rs.100
Message likes :
10 times
11 June 2010
AGREED WITH EXPERTS.
TDS RECEIVABLE IS THAT AMOUNT WHICH YOU WILL CLAIM IN HIS INCOME TAX RETURN.
WHILE TDS PAYABLE IS YOUR LIABILTIY WHICH YOU HAVE PAID.
TDS RECEIVABLE IS THAT AMOUNT WHICH YOU WILL CLAIM IN HIS INCOME TAX RETURN.
WHILE TDS PAYABLE IS YOUR LIABILTIY WHICH YOU HAVE PAID.
Message likes :
1 times
11 June 2010
100% agreeing with CA. Ravi kumar
Message likes :
1 times
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
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Gst Sales of FY 2023-24
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Offsetting interest income against derivative trading losses
- Application of 115BAC
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
