kumar (student) (138 Points)
17 November 2008when TDS deducted from me how do I account for tds (deductee point of view) and how should I close the entry at end of the year
for instance,
suppose iam contractor, I have performed the contract and paid bill to me after deducting tds @ 2.266% on Rs100000
bank a/c Dr 97734
tds receivable a/c Dr 2266
To deductor A/c 100000
how I should close the tds receivable a/c at the end of the year
CA Chaitanya
(PRACTISING CA)
(4283 Points)
Replied 17 November 2008
Tds receivable should be adjusted against the tax liabilthy or provision for taxation.
CA Chaitanya
(PRACTISING CA)
(4283 Points)
Replied 17 November 2008
For example if the tax liability is Rs.5000/, then the following entry is passed
Income tax a/c Dr. 5000
To TDS receivable 2266
To Provision for tax a/c 2734
CA Chaitanya
(PRACTISING CA)
(4283 Points)
Replied 17 November 2008
If there is no tax liability at the end of the year, then the following entry is to be passed
Income tax refund a/c dr. 2266
To TDS receivable a/c 2266
Vijay
(Commercial Manager Taxation)
(36 Points)
Replied 17 November 2008
PLZ SEND ME IN EXCELL FORMAT TO CALCULATE THE TDS AMT. & CACULATE THE ALL RETURN .
Vijay
(Commercial Manager Taxation)
(36 Points)
Replied 18 November 2008
PLZ SEND ME ALL IN EXCELL FORMAT TO CALCULATE THE INCOME TAX RETURNS & BALANCE SHEETS.
REGARDS
VIJAY BATRA
E-MAIL: vjay.batra @ yahoo.co.in
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