Tds journal entry on FD interest

Page no : 2

Ashiwini Ballodia (Managing Partner at TAXounting) (8737 Points)
Replied 27 June 2018

Yes it will be under indirect Income

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Ashiwini Ballodia (Managing Partner at TAXounting) (8737 Points)
Replied 27 June 2018

Yes it will be under indirect Income

Priyanka chopda (CA Practice ) (29 Points)
Replied 29 October 2018

Ashwini Sir how can Accrued interest have a credit balance??

shahyar husain (1240 Points)
Replied 14 December 2020

As per Real account rule (Fixed Deposit) "debit what comes into business"(Asset). TDS receivable is amount deducted by bank as per Income tax rules under section 194, and it is treated as asset in the books. It is shown under current asset on asset side of balance sheet.

Neethi V. Kannanth (.) (19020 Points)
Replied 18 January 2021

Interest accrued on FD A/C-Dr

TDS A/C-Dr

To Interest Account

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Neeraj Singh (2 Points)
Replied 28 January 2022

The correct journal entry for Tds deducted on accured interest will be:

Accured interest a/c Dr

Tds receivable a/c Dr

To Interest on FD a/c

Interest on fd will be our income with total value

accured interest will be open in current account and same as Tds receivable

Jogur Dundappa (2 Points)
Replied 12 April 2023

BASIC QUATION IS UNDER WHICH GROUP "TDS RECEVIVABLE " COME UNDER (IN TALLY)

NARENDRA (ACCOUNTS MANAGER) (1994 Points)
Replied 12 April 2023

TDS Receivables Under Current Assets,Where You can take set off with tax liability .

Suvra Ghosh (2 Points)
Replied 16 June 2023

We know as a Golden ruld of accounts FD Interres -comed in i.e Income (as nomial a/c always credit and expenses always debit) but Mr Raja P M showed that so pls clarify me who FD Interest Dr. ??

Dr. FD Account - XXXX Dr. FD Interest - xxxx Dr. TDS* Receivable - XXXX Cr. Bank A/c - XXXX