TDS
This query is : Resolved
19 March 2009
What is TDS. And how it is treated in the final accounts.
19 March 2009
TDS stands for Tax Deducted at source.
Any person need to deduct the tax @ specified rate at the time of payment or credit whichever is earlier.
The tax so deducted needs to be remitted to government within due date specified for respective section.
Section 192 to 206B deals with TDS.
The accounting treatment is as follows.
At the time of deduction of tax
Expense Account Dr.
To Creditor A/c
To TDS A/c.(This is a liability)
At the time of payment of TDS to govt.
TDS Account Dr.
To Bank Account.
Any person need to deduct the tax @ specified rate at the time of payment or credit whichever is earlier.
The tax so deducted needs to be remitted to government within due date specified for respective section.
Section 192 to 206B deals with TDS.
The accounting treatment is as follows.
At the time of deduction of tax
Expense Account Dr.
To Creditor A/c
To TDS A/c.(This is a liability)
At the time of payment of TDS to govt.
TDS Account Dr.
To Bank Account.
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