Become a Govt. Certified GST Practitioner in just 60 hrs. Register Now!

Enty for tds

(Guest)

for fy 2011-12 depodit 50000/- and get interest on it 6000/- and tds deduct rs500/-

qurstion is what is the entry for interest recd and add in fd and there after tds deucuct

Reply
Follow
Share

5 Replies

CA BARKHA MITTAL (B.COM, CA) (149 Points)
Replied 19 March 2013

When FD Opened with bank pass entry:

FD A/c Dr. 50000

To Bank A/c 50000

When Interest Received pass entry:

Bank A/c Dr. 5500

TDS Receivable Dr. 500

To Interest Received on FD A/c 6000

Upgrade to CAclubindia Pro. Subscribe Now!

Jishnu Surendran (Finance Manager) (312 Points)
Replied 20 March 2013

Entry for interest on FD and TDS

FD A/c Dr. 5500

TDS Credit A/c Dr. 500

To Interest Received on FD A/c 6000

CMA RAVI (ASSISTANT MANGER - FINANCE) (478 Points)
Replied 21 March 2013

Originally posted by : CA BARKHA MITTAL
	When FD Opened with bank pass entry: FD A/c Dr. 50000 To Bank A/c 50000 When Interest Received pass entry: Bank A/c Dr. 5500 TDS Receivable Dr. 500 To Interest Received on FD A/c 6000

totally agreed with this answer..

Nazia (Asst Manager - Finance) (139 Points)
Replied 21 March 2013

Jishnu Surendan is correct, when Interest gets added to FD. Since it is not credited to your bank a/c.

Jishnu Surendran (Finance Manager) (312 Points)
Replied 21 March 2013

No offence to the professionals, but interest on FD will never be credited to your bank account, otherwise instructed. For instance, the maturity value of a 5 year Rs. 5,00,000 FD will be Rs. 5,00,000 plus the interest compounded annually or semi - annually.