Journal entries in books of client
Pradeep Habib (21 Points)
23 December 2019
when TDS deducted under section 194N on cash withdrawals exceed 1crore. what should be journal entries?
1 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 23 December 2019
If withdrawal in the F.Y exceeds 10000000/- Tds @ 2% will deducted as per section 194N of the income tax act 1961 .
J.E will be
1) Cash A/c Dr
TDS on withdrawal A/c Dr
To Bank A/c Cr
( Being cash withdraw form Bank ,TDS @ 2% )
TDS on withdrawal will be under the Loans & Advance ( other non current asset ) ,Asset side ,Balance sheet
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