X Ltd. Forgot Deducton Of Tds While Making Pmt. For Commission. But Pmt. Has Been Made . It Was NOt Done Intentionly.
How X. Ltd. Can Save Itself From Penal Provision
Pankaj Arora
(Learner)
(3134 Points)
Replied 04 February 2011
Suppose comm. Is 25000/- and forgot deduct tax i.e. 2500.00
You have payment as below entry.
X Dr. 25000.00
Bank A/c. Cr. 25000.00
Now show a tds amount you forgot to deduct as discount recd entry.
X Dr. 2500.00
Discount Recd. Cr. 2500.00
Tds Deducted Dr. 2500.00
X A/c. Cr. 2500.00
And Now you deposit this tax.
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