venkat (Accountant) (222 Points)
13 September 2011Dear Sirs and Madams,
I have received rent after deduction of TDS.I showed the rent as income. and where I have to show the TDS on rent deducted from my rent income. Whether I show it as TDS exp and shown in Profit and loss A/c. or Should I show it as TDS refund A/c and take it in to balance sheet at current assets side.
Thanking you.
Venkat
C.A SHASHANK GOYAL
(Chartered Accountant)
(362 Points)
Replied 13 September 2011
Hi, accounting entry for Tds deducted on rent say for ex : 200000/- and Tds deducted 10% i.e Rs 20000
and net amount received is Tds 180000 is here :
Bank A/c 180000
TDS A/c 20000
To Rent A/c 200000
And Tds will be shown under the head current Assets And Can also be shown as advance tax .
valji
(Accounts manager-MBA)
(2150 Points)
Replied 13 September 2011
Agreee with above shows as curreant asset
vishnu
(ACCOUNTANT)
(21 Points)
Replied 13 September 2011
pls give me the tds certificate format in give to the broker & contractor
sanju
(Accountant)
(348 Points)
Replied 13 September 2011
yes you can treat it as prepaid tax (current assets). when ever you paid tax ,credit the prepaid tax.
income tax a/c....Dr
To prepaid tax a/c....Cr
To cash or bank a/c......cr
sanju
(Accountant)
(348 Points)
Replied 13 September 2011
these may be use full for u
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