What should be the entry for TDS deducted by bank on Interest (FD)
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RAJA P M
("Do the Right Thing...!!!")
(128047 Points)
Replied 02 November 2018
Ashish Kumar Bansal
(Accountant)
(43 Points)
Replied 02 November 2018
RAJA P M give a correct answer but remember FDR's are our assets and in case of TDS deducted, we will either apply for TDS refund or adjust it from its related financial year Income Tax Liability. So both will be shown in B/s Asset Side. Interest is our revenue & will be shown in P&L account.
Keep the same in mind when creating ledgers & posting the entries.
RAJA P M
("Do the Right Thing...!!!")
(128047 Points)
Replied 02 November 2018
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