01 February 2010
hi friends can anyone help me out for following....
1) I am having bill of legal & professional fees amount RS 16500/- dtd 18.12.09 but instead of deducting TDS Rs 1650/- I have deduct only 1500/- and make a payment of 15000/- but when I came to knw that i have deposited difference of Rs 150/- into the bank for TDS under 194J. Now I have pass entry for Payment as under; Party A/c Dr. 16500 To Tds 194J 1500 To Bank 15000
And Journal Entry; legal & Professional fees A/c Dr 16500 To Party A/c 16500
but my party A/c is not tally it shows diff of Rs 150 which I have deposited later so what entry shall I pass to adjust party ledger?
02 February 2010
You have to recover the balance of Rs. 150 from the party. You can request the party that TDS of Rs. 1650 was recoverable and not Rs. 1500. Party will also be issued TDS Certificate for Rs. 1650/-.
CAclubindia
