How to make entry for

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

Replies (4)

 

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........

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