Reconciliation of Brokerage with TDS

This query is : Resolved

Manasa Ranjan Samal (Querist)
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25 August 2009 I have deducted TDS @10.3% from broker & deposited into Govt.A/c. The entry of TDS has been passed at the time of payment (but not at the time of due). Now the TDS amount on brokerage @10.3% is not being tallied with actual TDS deducting deposited. How I will reconcile the brokerage with TDS. If varied, then how it will be rectified?

Prashant

Prashant (Expert)
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03 September 2009 First you understand that TDS is not your expenses.

Create Following A/c

TDS Payable under Current Liability
(At the time of Deduction of payment
Party A/c Dr.
To TDS Payable a/c
And
At the time of Payment

TDS Payable A/c Dr.
To Bank/Cash A/c)

So, Go through this entry