can anybody help me out. tell me what is the journal i need to pass for the Interest and TDS deducted for the sweep transfer
say,
TDS 400
Sweep deposit 3639
To Interest on Deposit (on which TDS is Deducted @ 10%) 4039 or
TDS 400
Sweep deposit 3239
To Interest 3639
If your Interest amount is 4039 then first entry will be correct... as its your basic earning
Dear Divya,
Income has to be booked with Gross amount, therefore in present case entry should be -
Sweep Deposit/Bank a/c......Dr Rs. 3,639
TDS A/c.....................................Dr Rs. 400
To Interest Income Rs. 4,039
Thank You Poornima & Amir
Dear Divya,
welcome........
CAclubindia
