TDS
This query is : Resolved
26 August 2009
Sir,
What are the journal entries of TDS Payable & when TDS is Recevied ?
Please explain me with example of amounts.
Thanks in advance !
What are the journal entries of TDS Payable & when TDS is Recevied ?
Please explain me with example of amounts.
Thanks in advance !
27 August 2009
after receiving TDS cetificate
TDS paid (A.Y.2009-2010) Dr
Party Account Cr
TDS paid (A.Y.2009-2010) Dr
Party Account Cr
27 August 2009
Hi,
Suppose u hv to deduct tax on transportation charges of Rs.20,000/- @ 2.266%
Entries:
1) Transportation charges dr. 20,000
To Party a/c(20,000-2.266%) 19547
To TDs Payable 453
(20,000*2.266%)
2) Party a/c dr. 19,547
TDS Payable dr. 453
To Bank a/c 20,000
Now suppose u r providing transporation service. U earn 20,000 as transportation charges on which 2.266% tax is deducted by the party.
Entries:
1) Party a/c dr. 19,547
TDS Receivable dr. 453
To Transportation charges 20,000
2) Bank a/c dr. 19,547
To Party a/c 19,547
*** TDS receivable a/c is shown under the head "loans & advances" at asset side in b/s.
Suppose u hv to deduct tax on transportation charges of Rs.20,000/- @ 2.266%
Entries:
1) Transportation charges dr. 20,000
To Party a/c(20,000-2.266%) 19547
To TDs Payable 453
(20,000*2.266%)
2) Party a/c dr. 19,547
TDS Payable dr. 453
To Bank a/c 20,000
Now suppose u r providing transporation service. U earn 20,000 as transportation charges on which 2.266% tax is deducted by the party.
Entries:
1) Party a/c dr. 19,547
TDS Receivable dr. 453
To Transportation charges 20,000
2) Bank a/c dr. 19,547
To Party a/c 19,547
*** TDS receivable a/c is shown under the head "loans & advances" at asset side in b/s.
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