SIR, what are the entries requaired to pass when tax deducted at the time of payment and rendering it to the govt?
5 Replies
Arpita
(Works as an Employee)
(143 Points)
Replied 23 February 2012
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
Arpita
(Works as an Employee)
(143 Points)
Replied 23 February 2012
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
Arpita
(Works as an Employee)
(143 Points)
Replied 23 February 2012
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
sadasivareddy
(Employee)
(78 Points)
Replied 23 February 2012
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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