SIR, what are the entries requaired to pass when tax deducted at the time of payment and rendering it to the govt?
SIR, what are the entries requaired to pass when tax deducted at the time of payment and rendering it to the govt?
PROBABLY IT SHOULD BE :
WHILE PAYMENT:
XYZ A/C(CREDITOR).................DR
CASH/BANK A/C..........................CR
TDS A/C........................................CR
WHILE SURENDERING:
TDS A/C ....................DR
CASH/BANK A/C .............CR
PROBABLY IT SHOULD BE :
WHILE PAYMENT:
XYZ A/C(CREDITOR).................DR
CASH/BANK A/C..........................CR
TDS A/C........................................CR
WHILE SURENDERING:
TDS A/C ....................DR
CASH/BANK A/C .............CR
PROBABLY IT SHOULD BE :
WHILE PAYMENT:
XYZ A/C(CREDITOR).................DR
CASH/BANK A/C..........................CR
TDS A/C........................................CR
WHILE SURENDERING:
TDS A/C ....................DR
CASH/BANK A/C .............CR
agree with above
TDS Should be deduted at Payment or Credit Which ever is earlier
Since
expenses
Expemses A/c Dr
To Creditor Cr
To TDS Payable A/c Cr
Creditor Payment:
Creditor Dr
to Cash/ Bank Cr
TDS Payment:
TDS Payable A/c Dr
to Cash/ Bank Cr
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