Divya.M (CA Final Student) (274 Points)
08 February 2010can 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
Poornima
(Search on.... for knowledge)
(129 Points)
Replied 08 February 2010
If your Interest amount is 4039 then first entry will be correct... as its your basic earning
Amir
(Learner)
(4016 Points)
Replied 08 February 2010
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
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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