tds

This query is : Resolved

narayana swamy jampala (Querist)
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24 February 2017 interest on NBFC Already credited but TDS not deducted.Now I want to pay tds amount and getting tds refund from nbfc. then what is the journal entry.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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24 February 2017 Debit NBFC
Credit TDS On interest

narayana swamy jampala

narayana swamy jampala (Querist)
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24 February 2017 I want step by step entry

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KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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24 February 2017 For collecting TDS
Bank Account Debit
Cr NBFC

For creating Liability
NBFC Dr
Cr TDS on Interest Payable

Making Payment

Dr TDS on interest payable
Cr Bank