prit
(accountant)
(26 Points)
Replied 05 July 2013
Hello,
I have an querries regarding Tds that i forgot to deduct tds from my client & which we have to pay so i calculated tds on that amount supoose the amount which we paid to client is Rs.100000/- i paid exact 100000 without deduct tds so i calculated tds on 101010/- so it will show u amount of tds rs. 1010/- again i delay to pay the tax so govt will charge interest on tds so what would be the entery to be pass???
Akshata
(CA Final )
(324 Points)
Replied 06 July 2013
Hi prit,
Wat exactly is the Bill amount?1,01,010 or 1,00,000?
If the client is one with whom u have continuous business,u can deduct TDS amount in their next bill.
Interest on TDS doesnt effect the Party. Hence u can directly put the entry :
Interest on TDS a/c Dr.
To Bank a/c
prit
(accountant)
(26 Points)
Replied 06 July 2013
Dear akshata
Thanks for the reply
& the amt bill is 100000/- as i forgot to deduct Tds so i revised the entery like this i took 101010 my bill amount & deduct 1010 from it in shown a 100000 amount after tds. for that i pass payment entery
company a/c dr.
to bank a/c
& pass journal entery for tds
company a/c dr
to tds payables a/c
now i have an querry that what would be the entery for interest whaich i paid after 8 mths with payment of tds
Tds payables a/c dr. xxx
Interest on tds a/c dr. xxx
To bank a/c xxx
is it right entery
Akshata
(CA Final )
(324 Points)
Replied 09 July 2013
Correct.
The reason i asked u about bill amount is that u will be giving credit of TDS to the party without actually deducting the TDS from their payment..i.e., they will take tax benefit of 1010 without actually paying..
But i suppose that wud be better than Rs. 100000 being disallowed for non payment of tax..
Ali Ababas Ansari
(Accountant)
(24 Points)
Replied 25 November 2013
Dear sirs/friends,
I want to know that if I am an individual who provides service to clients and they deduct my TDS so should I also make any entry for it.
Vaiibhav Gupta
(Founder & Promoter JSR Fincon Inc)
(89 Points)
Replied 30 November 2013
| Originally posted by : Ali Ababas Ansari | ||
 |
Dear Friend,
Yes u need to make an entry as follows: While posting of sales/revenue bill
Entry No. 1
Sundty debtor Dr To Sales/Revenue
Entry no. 2 while receiving of payment on which tds deducted Bank Dr TDS receivable Dr. To Sundry Debtor
Hope this suffice ur purpose.
For further u can mail me vaibhav @ jsrfincon.com. Thanks
Dear sirs/friends, |
 |
Nayan Das
(ACCOUNTS MANAGER)
(981 Points)
Replied 30 November 2013
Mr.Vaiivab,
if any Service received you, that is your expenses,
example: "X" Service amount Rs.55,000/-by "A" company.
"X" Service A/c....Dr. 55,000/-
To, TDS on 94 C...1100/-
To, "A"Company A/C.53,900/-
Deduct 2% TDS if Company otherwise 1% TDS deducted and Lmit 50000/- for Service
gauravkesharwani
(a)
(21 Points)
Replied 14 July 2014
accountig entries for tds u/s-194ia
if partily payment made by seller at year end
Rohit maurya
(2 Points)
Replied 12 July 2016
If tds collected is less and tds paid is is more we can adjust tds paid with tds collected with this entry
Tds payable a/c debit
To tds collected a/c
To cash/bank
I m right or wrong
Rajubba
(Ipcc)
(71 Points)
Replied 22 July 2017
tds Form 16 Journal Entry
Professional charges Received Journal entry194J
harshad
(Executive)
(26 Points)
Replied 06 March 2018
Amit_2020
(Senior Account Executive)
(2 Points)
Replied 15 June 2018
Abdul Qayyum
(2 Points)
Replied 02 October 2018
CAclubindia
