Tds entry

This query is : Resolved

Chirag Trivedi (Querist)
Follow

14 July 2014 Labour charges incurred Rs.10,000 which is paid to Mr.singh the contractor.what will be the journal entry for the transaction and the TDS amount and the section?

CA Devanand Jethanandani

CA Devanand Jethanandani (Expert)
Follow

14 July 2014 Hi Chirag,

Labour charges Dr.10000
To Mr. singh Cr.9900
To TDS payable on contract Cr. 100

TDS will be u/s. 194C

At the time of depositing TDS with govt.,

TDS payable on contract Dr.100
To bank Cr.100

Message likes : 1 times