Tds & entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 March 2014
Sir,
I have paid professional fees rs.2.52.810/-
after deduction of TDS
he was suppose to make billing Rs.2,50,000/-plus service tax but i had made payment but still not received his bill
i am confused now that how do i make Journal entry for his TDS.
i just made his payment entry i.e. rs. 2,52,810 after deduction of TDS.10%.
Pl suggest
I have paid professional fees rs.2.52.810/-
after deduction of TDS
he was suppose to make billing Rs.2,50,000/-plus service tax but i had made payment but still not received his bill
i am confused now that how do i make Journal entry for his TDS.
i just made his payment entry i.e. rs. 2,52,810 after deduction of TDS.10%.
Pl suggest
20 March 2014
u must book entyr on gross basis i.e including servcie tax portion...
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 March 2014
Sir,
how wold be the entry?
could you pl show me how it is as per rule.
Thanks
how wold be the entry?
could you pl show me how it is as per rule.
Thanks
20 March 2014
1. Party a/c dr ( net of tds amt)
To bank ( net of tds amt)
2. party A/c Dr (tds amount)
to tds payable a/c (tds amount)
on receiving of bill
1. service tax recoverable dr 2810
Profeesinal fees dr 250000
to Party a/c 252810
(if st credit is taken othewise it will added to exp only)
To bank ( net of tds amt)
2. party A/c Dr (tds amount)
to tds payable a/c (tds amount)
on receiving of bill
1. service tax recoverable dr 2810
Profeesinal fees dr 250000
to Party a/c 252810
(if st credit is taken othewise it will added to exp only)
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