Tds for advance payment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 September 2012
what will be the accounting entry for the tds to be deducted on advance payment?
18 September 2012
debit the party with full amount and credit bank and tds
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Querist : Anonymous
Querist :
Anonymous
(Querist)
18 September 2012
I am sorry, but I forgot to mention that the payment is already been made to the party so for this situation what to do
18 September 2012
Gross up the advance amount with TDS and debit total gross amount to the party and recover while submission of bill and final payment, Incase full amount paid to party ask party to refund the amount of tds before accepting the bills
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