SIR, what are the entries requaired to pass when tax deducted at the time of payment and rendering it to the govt?
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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