Accounts

This query is : Resolved

riddhi (Querist)
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11 February 2015 IF 1 company is paying tds on behalf of other company then do we have to pass 2 entries?
1. jv for tds
2. payment entry

or only payment entry

CA Deven

CA Deven (Expert)
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11 February 2015 in future other company will pay you or not ?

riddhi

riddhi (Querist)
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11 February 2015 yea it is already reimbursed.

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CA Deven

CA Deven (Expert)
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11 February 2015 1. TDS ( PAYMENT ENTRY)
TO BANK

2. OTHER CO. ( DEBIT NOTE ENTRY)
TO TDS

3. BANK ( RECEIPT ENTRY)
TO OTHER CO.

riddhi

riddhi (Querist)
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13 February 2015 i passed the following entries
xyz co
1. payment of tds on behalf of abc
abc co
to bank
2. receipt of tds from abc
abc
to bank
(these entries are getting set off)

abc co
1. tds entry (jv)
tds
to xyz

is this correct?

CA Deven

CA Deven (Expert)
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13 February 2015 Riddhi,

what i show you are the entries you need to pass in the Company who is paying TDS on behalf of other Co.

Btw y abc to bank twice in the books of xyz ltd

CA Deven

CA Deven (Expert)
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13 February 2015 WHAT I SHOWN IS TECHNICALLY CORRECT FIRST DEBIT THE ENTIRE AMT IN TDS 9 INCLUDING YOUR PART OF TDS ) LEDGER AND THAN PASS THIS DEBIT NOTE ENTRY

CA Deven

CA Deven (Expert)
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13 February 2015 IF STILL NOT CLEARED TELL ME VIA WATSAPP

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riddhi

riddhi (Querist)
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13 February 2015 those two entries are for payment and receipt.
K Cleared. Thanks