What is the Journal Entry for Deduction of TDS?
19 Replies
Ankit CA and CS
(Manager - Accounts)
(204 Points)
Replied 08 May 2010
Suppose Expense is 100 you have to dedect TDS of Rs. 10. Entry will be
Expense Dr. 100
To bank 90
To TDS Payable 10
Jaya prakash
(accounts excutive)
(22 Points)
Replied 10 May 2010
Hi, to all
What is the TDS Journal entry?
in my view entry will be--
EX: if
Expensiture A/C----Dr 100
To
TDS on Contract 10
Party A/C 90
&
Party A/C Dr-----90
BankA/C 90
Gouri Sankar
(General Manager - Accounts)
(25 Points)
Replied 12 May 2010
The correct entry for TDS is as follows:
Expenditure Account Dr 100
Vendor Account Dr 10
To Vendor Account Cr 100
TDS on Contractors Cr 10
( Being the bill no xxx dated xxxx accounted and TDS @ 10% deducted )
If we pass the entry like above , the total invoice amount and TDS amount will reflect in Vendor account. It will be useful for vendor reconciliations at any time and also it will give true picture of Vendor account at any point of time. The net amount payble to Vendor will reflect as 90 in their account. ( Credit - for Invoice amount - 100 and Debit - for TDS recovery - 10 = net credit 90)
Gouri Sankar
(General Manager - Accounts)
(25 Points)
Replied 17 May 2010
Hi Rahul
Even if it is one / single time payment, the vendor account should reflect his total bill value and the deduction of TDS amount in his account.
Hence there is no change for if it is a Single entry or multiple entries in Vendor account.
Gouri Sankar T
Piyush
(Accounts Manager)
(34 Points)
Replied 04 June 2011
Journal entry for TDS is(On receipt of Bill)
Expenditure A/c Dr.10000
TO Party A/c 9000
To TDS payable 1000
On Payment
Party A/c Dr. 9000
Tds Payable Rs1000
To Cash/Bank Rs.10000
Rajnikant Vadigoppula
(CA, CS And CMA Final)
(919 Points)
Replied 04 June 2011
in order to reflect in vendor account:
if due is early
Expenses a/c Dr 100
To Party a/c 100
on same day
party a/c Dr 10
To TDS Payable a/c 10
on payment
party a/c Dr 90
To Bank a/c 90
If payment is early (advance)
party a/c Dr 100
To Bank a/c 90
To TDS Payable a/c 10
on receipt of bill/invoice
Expenses a/c Dr 100
To Party a/c 100
DILIP KUMAR
(accountant)
(22 Points)
Replied 08 May 2015
what is the entry of tds in yhe book of supplier.
suppose spplier receive rs. 900 after deducting TDS of RS. 100
akash shakya
(account executive)
(40 Points)
Replied 04 July 2015
Dear sir! Ye jo entry hai usme humne Tds ko deduct kiya hai ya humara tds deduct huya hai
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