Tds receivable

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 October 2013 dear Sir
I have a doubt about TDS receivable for Service bill. Our company has send an invoice to customer. The customer has deduct TDS amount and balance amount will be send to us. What is the TDS rate for this transaction and what is the Head of Account in Tally of TDS Receivable. The invoice amount is Rs.25000

Customer A Dr. 25000
To Sales 25000

At the time of Receiving the payment

Bank Dr
To Customer A
To TDS Receivables

The above entries are right or wrong. Please advise me .

Thanks

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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31 October 2013 Under share files and also under articles section on home page u can find them under the heading Accounting entries for taxation.

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Ganeshbabu K

Ganeshbabu K (Expert)
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31 October 2013 Dear author your first entry is okay, but second entry is wrong
.
.

1)at the time of raising invoice
.
Dr.Customer A/c 25000
Cr.Sales A/c 25000

2)at the time of receipt of cheque

Dr.Bank A/c
Dr.TDS receivable A/c
Cr.Customer account 25000

tds receivable ledger is created under current asset group
.
.

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Querist : Anonymous

Querist : Anonymous (Querist)

01 November 2013 Thank you Mr.Ganesh Babu