Hi
can any body tell me how to book TDS ie TDS entries
10 Replies
sudhakar ca cwa
(service)
(1518 Points)
Replied 25 August 2010
suppose for contracors (if ur deductor)
Expenditure a/c DR
TO Creditor a/c
To TDS A/C
We have to pay this TDS Amount before 7th of subsequent month then entry is
TDS A/C DR
TO BANK A/C
sudhakar ca cwa
(service)
(1518 Points)
Replied 25 August 2010
IF you are service provider then
Debtors a/c dr
TDS A/C DR
TO INCOME/SALES/SERVICES A/C
This amout u have to deduct from tax at the year end
Income tax a/c dr
To TDS a/c
To provision for Tax a/c
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8311 Points)
Replied 25 August 2010
Agree with Mr. Sudhakar
CA. BIJENDER KR. BANSAL
(ACA, B.COM)
(8148 Points)
Replied 25 August 2010
AGREED WITH MR. SUDHAKAR.
YOU HAVE TO CREATE TWO ACCOUNTS.
1. TDS PAYABLE UNDER SUBGROUP DUTIES & TAX PAYABLE GROUP CURRENT LAIBILITEIS
IN WHICH YOU HAVE TO BOOK TDS WHICH IS DEDUCTED BY YOU.
TDS PAYABLE IS TO DEPOSITED MONTHLY BASIC.
2. ADVANCE TAX & TDS UNDER SUBGROUP LOAN & ADVANCES GROUP CURRENT ASSETS.
IN WHICH YOU HAVE TO DEBITED TDS DEDUCTED BY PARTY ON YOUR ACCOUNT AND ADVANCE TAX.
ADVANCE TAX & TDS IS ACCUMULATED TILL END OF FINANCIAL YEAR AND ADJUSTED WITH INCOME TAX LIABILITY FOR THAT FINANCIAL YEAR.
punit
(CA final)
(290 Points)
Replied 26 August 2010
HI...Vinayak...simple if u want to book tds entry,,then u have 2 book u r income or receipt with gross amount and dr will bw u r cash or bank & Tds receivable.... if u r tds deducted on int income then entry will be
int a.c dr
to bank
to tds receivable
CA Krishna Chaitanya M
(Chartered Accountant)
(463 Points)
Replied 26 August 2010
eg.interest payment,,,entry will be
1..At the time of deduction
interest a/c Dr
to sundry creditor a/c Cr
to tds payable a/c Cr
2..on the date of payment of tds
tds payable a/c Dr
to cash / bank a/c Cr
however for interest income entries as follows
tds receivable a/c Dr
sundry debtors a/c Dr
to interest a/c
however if income tax payable by assesse is less than tds amount ,first set off portion of income tax with tds receivable a/c, balance tds receivable a/c shall carry forward till refund is granted to assesse the entry as follows
income tax a/c Dr
to tds receivable a/c
on receipt of refund amount entry as follows
bank/cash a/c Dr
to tds receivable a/c
CA Krishna Chaitanya M
(Chartered Accountant)
(463 Points)
Replied 26 August 2010
for any other direct payment other than interest the first entry as follows
expenditure a/c Dr
to tds payable a/c
to cash / bank a/c
similarly for any other direct income other than interest the first entrty as follows
tds receivable a/c Dr
cash / bank a/c Dr
to income a/c
CA Chirag Haraniya
(Chartered Accountant)
(902 Points)
Replied 26 August 2010
agree with sudhakar.........
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