Journal entry for interest paid on tds

Rehan Ahmed (Accountant) (40 Points)

29 June 2016

Dear All.

I want to know journal entry for interest paid on TDS. Because we cannot treat it as expense so kindly provide me journal entry.

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4 Replies

CMA Poornima Madhava (CMA) (13112 Points)
Replied 29 June 2016

Interest on TDS Dr

To Bank A/c

For accounts, Interest is expense only but for the purpose of income tax, it is a disallowed expense.

Rehan Ahmed (Accountant) (40 Points)
Replied 09 August 2016

Thank you for your reply.. then also tell me how to make entry that it will not show in P/L account for income tax purpose

Shrihari B (accountant) (22 Points)
Replied 31 October 2019

DEAR SIR/MADAM,

PLEASE INFORMING THE PASS JOURNAL ENTRY & PAYMENT ENTRY FOR TALLY ERP9

*LATE FEE TDS INTEREST PAID *

ONLY PAYMENT ENTRY OR NOT.

JOURNAL ENTRY REQUIRED NECESSARY OR NOT.

HOW CAN LEDGER TALLY BOTH.

Ravindra Kumar (Accounts officer) (23 Points)
Replied 17 August 2022

A Client provided mob and machinery advance to B as loan ,

on that loan he is charging 9% interest .

now he started recovering the same interest , is the interest applicable for Deduction of TDS , PS LET ME KNOW WHAT THE ENTRY TO BE PASS IN BOOKS

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