Dear Sir,
I am working with Property developer, Recently we sold one site and the purchaser has deducted TDS on Sales consideration, can we claim TDS and how will be accounting entry... Please guide.
Dear Sir,
I am working with Property developer, Recently we sold one site and the purchaser has deducted TDS on Sales consideration, can we claim TDS and how will be accounting entry... Please guide.
The buyer has deducted TDS under section 194IA.
While filing your tax return, you shall claim credit for such TDS.
Accounting Entry
Bank A/c / Party A/c Dr
TDS A/c (asset) A/c Dr
To the relevant income A/c
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