Tuuion fee
Querist : Anonymous
We have received Cheque from One Charitable Trust against the admission of Tution Fee . They paid the amount in Cheque . We provide the 4 Students admission against the Cheque Amount . They Deduct 10% TDS Amount while paying the Tution Fee Cheque.Service Tax 12.36% applicable for this Transaction.
The Details as Under
Total Tution Fee Amount Rs.1,89,000.00
Actual Cheque Amount Rec. Rs.1,70,100.00
TDS 10% Rs.18,900.00
Kindly explain me the Entry may I have to Pass in Tally which cover this Whole Transaction.
Credit Tuition Fee 189000
02. Debit Bank A/c 170100
Debit IT TDS 18900
Credit Student's A/c 189000
03. When ever you pay service tax
Debit Service Tax xxxxxxx
Credit Bank A/c
(Note Service tax is your expenses, in above example)
Querist : Anonymous
Querist : Anonymous
If you are duty bound to provide service to Trust then what you have done is correct.
But if you are duty bound to students, then change the TRUST a/c to Student's Account.
Querist : Anonymous
Entry As under - Tution Fee - 1,12,000.00
so Entry As Tution Fee Dr.99680.00
Bank A/c Dr. Rs.112000.00
Service Tax Cr. 12320.00
while paying Service Tax We Dr. 12320.00
TO Bank A/C Cr. - 12320.00
Querist : Anonymous
Querist : Anonymous
Journal Entry
1)Trust A/c Dr. Rs.1,68,210.00
Tution Fee A/c Cr. 1,89,000.00
Service Tax A/c Dr.20790.00
2) Bank Receipt Entry
Trust a/c Cr. 168210.00
Bank A/c De. 170100.00
TDS A.Y.2015-16Dr. 18900.00
Service Tax A/c Cr.20790.00
*TDS A.Y.2015-16 Group under Loans & Advance(Assets)*
Kindly explain is it CORRECT????
1. for booking of Income
Trust A/c Dr. 1,89,000
To Professional/fees receipt a/c 1,68,209
to Service tax payable a/c 20791
(being fees is accrued since fees receipt include Service tax and service tax portion is calculated as per provision of section 67(2) of chapter V of finance act 1994)
2. on the receipt of fees
Bank A/c Dr 170100/-
TDS Received Dr 18900/-
to Trust A/c 1,89,000/-
(being payment received)
The above treatment is in line with section 67(2) of the Finance Act 1994
1. for booking of Income
Trust A/c Dr. 1,90,000
To Professional/fees receipt a/c 1,68,209
to Service tax payable a/c 20,791
(being fees is accrued since fees receipt include Service tax and service tax portion is calculated as per provision of section 67(2) of chapter V of finance act 1994)
2. on the receipt of fees
Bank A/c Dr 1,70,100/-
TDS Received Dr 1,8900/-
to Trust A/c 1,89,000/-
(being payment received)
The above treatment is in line with section 67(2) of the Finance Act 1994
Your views please.
Querist : Anonymous
As mentioned by Mr.Mukesh Kumar I had passed the entries in my Books of Account .
Also Thanks for Mr.Amol Joglekar for the same .
Therefore, Income first need to accrued by party ledger then bank need to be debited by credited by party ledger
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