TDS procedure
This query is : Resolved
04 October 2019
Details procedure of Deducted TDS
Message likes :
1 times
08 October 2019
TDS is applicable in various heads
1. TDS on salary income under section 192 of Income Tax Act
2. TDS on professional / technical services under section 194 J
3. TDS on rent under section 194 I
4. TDS on commission under section 194 H
5. TDS on contract udner section 194 C
6. TDS on foreign payment under section 195
The applicability and ceiling amount of expenses for TDS deduction to be seen in the concerned deduction.
Acoounting treatment
1. TDS payable ledger for each section ( Like TDS 192, TDS194C, TDS 194 J, TDS 194 H so on) is to be opened in book under the group current liability.
2. While accounting the expenses , the following entry to be passed
Expenses ( Net of GST) : Debit
TDS on only basic amount : Credit
Vendor / Creditor : Credit ( Invoice amount less TDS ) : Credit
3. The TDS to be accounted at the time of accounting or payment which ever is earlier.
4. The TDS deducted to be remitted on or before 7th of Succeeding month.
5. At the time of making payment, TDS account to be debited and bank account to ve credited
1. TDS on salary income under section 192 of Income Tax Act
2. TDS on professional / technical services under section 194 J
3. TDS on rent under section 194 I
4. TDS on commission under section 194 H
5. TDS on contract udner section 194 C
6. TDS on foreign payment under section 195
The applicability and ceiling amount of expenses for TDS deduction to be seen in the concerned deduction.
Acoounting treatment
1. TDS payable ledger for each section ( Like TDS 192, TDS194C, TDS 194 J, TDS 194 H so on) is to be opened in book under the group current liability.
2. While accounting the expenses , the following entry to be passed
Expenses ( Net of GST) : Debit
TDS on only basic amount : Credit
Vendor / Creditor : Credit ( Invoice amount less TDS ) : Credit
3. The TDS to be accounted at the time of accounting or payment which ever is earlier.
4. The TDS deducted to be remitted on or before 7th of Succeeding month.
5. At the time of making payment, TDS account to be debited and bank account to ve credited
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
