what is the entry for tds payables and tds receivables? need immediate reply
5 Replies
CA Surajit Kashyapi
(Chartered Accountant)
(112 Points)
Replied 01 December 2008
1. TDS PAYABLE
For booking the Expenses & deducting TDS:
Expenses A/C Dr
To Vendor A/c
To TDS payable a/c
For making payment to vendor:
Vendor A/c Dr
To Bank A/c
Payment of TDS to Department:
TDS payable a/c Dr
To Bank A/c
2. TDS RECEIVABLE:
For booking the Income & deducting TDS:
Customer A/C Dr
TDS receivable A/c Dr
To Income A/c
For getting payment from Customer:
Bank A/c Dr
To Customer A/c
TDS received from Department:
Bank A/c Dr
To TDS receivable a/c
Manish
(Service)
(23 Points)
Replied 02 December 2008
| Originally posted by :Chellam | ||
| " | what is the entry for tds payables and tds receivables? need immediate reply | " |
The entry for TDS payable will be
Exps Dr
To Bank
To TDS Payable
And for payment of TDS
TDS payable
To Bank
For TDS Receivable
Bank Dr
TDS Receivable Dr
To Income
The amount of TDS receivable will get nullified at the time of assessment
Chellam
(ICWA Inter)
(72 Points)
Replied 03 December 2008
Plenty of thanks 4 you all For helped in this regards.hope u do the same in future......
Recent Topics
- Omr wrongly shaded
- RCM applicability if received from registered deal
- GST - bill to ship to
- TDS and GST ITC on Membership fees to club
- ITC on Canteen Services by Outsiders
- STPI/Non-STPI registration
- 6 DIGIT HSN CODE QUERY
- TDS on Telephone charges and Internet charges
- CGT on Policies purchased in LIC International whe
- RCM Rate on GTA Services
Related Threads
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
