We deducted TDS at time of advance payment to vendor i.e
June 2018
Vendor Ac Dr 10000
To Bank Cr. 9000
To. TDS Cr. 1000
but we wrongly deducted and passed the below entry at time of receipt of invoice.
August 2018
Good Receipt Ac Dr 10000
To Vendor Ac. Cr. 9000
To TDS AC. Cr. 1000
pls explain How to rectify the double deduction of tds.
4 Replies
pinky agarwal
(student)
(137 Points)
Replied 26 September 2018
the question is for accounting purpose or for income tax matter
VINAYAK SAMBHAJI KUMBHAR
(Finance Executive)
(23 Points)
Replied 26 September 2018
for both i can't reverse the document in books bcoz last month TDS return are filed.
pinky agarwal
(student)
(137 Points)
Replied 26 September 2018
if you have deposited double tds then second party will get double benefit.
you can contact them
you can contact them
Anmol Gurung
(19 Points)
Replied 29 September 2018
In my view whenever you make payment to another vendor or the same deduct the Tds amount and no need to deposit tax.Tds amount Which was deposited earlier same Will be adjusted at the time of filling.
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