What is the entry to be passed when assessee receives professional fees on which tds is deducted , as well as Service tax charged??
4 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 09 August 2011
To Profession fees recd...........10,000
To Service Tax............................1,030
By XYZ........................................11,030
By Bank....................................9,927
To XYZ.....................................11,030
To TDS ...................................1,103
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 09 August 2011
BANK-DR
TDS RECIVABLE - DR
TO PARTY A/C
SERVICE TAX OUTPUT- DR
TO SERVICE TAX PAYABLE
TRILOCHAN
(SENIOR ACCOUNTANT)
(698 Points)
Replied 09 August 2011
When Bill Raised (after 01.04.2011)
Party A/c Dr 1103
To Income A/c 1000
To Output Sevice Tax 103
When Payment Recd after TDS
Bank A/c Dr.
TDS A/c Dr.
To Party A/c
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