Tds outstanding

PLEASE EXPRETS HELP ME

 we charge rent Rs.1,00,000/ month from our tenant, so as on  on 1 jan 2012 i received only 60,000 from my tentant and till 31 st march rent is outstanding.. so i know we will pass journal entry like this

bank a/c -  54,000...debit

tds receivales- 6,000... debit

rent receivable- 2,40,000... debit

 to rent from debtor- 3,00,000--------credit

 

now my question is that will we show tds which is still not deducted by my tentant , i meant will we pass any seperate journal entry for TDS which is outstanding on rent(which is not  received on  i.e 2,40,000)  IF YES HOW WILL WE PASS JOURNAL ENTRY ..please experts help me out.

Replies (1)

As per my view you should not pass TDS entry, because TDS deduction is responsibility of person who makes payment.

So, You can pass TDS entry if party confirm TDS deduction (which you require payment Advice by party mentioned TDS amount)

TDS deducted when only Invoice booking / advance payment whichever is earlier.

TDS not deducted for future payment.

your entry should be

 

Entry should be
1. Rent Receivable - 3,00,000/- 
   To Rent income  - 3,00,000/-
   (Jan-Mar-12) 3 months
 
2. Rent received Rs.60,000/-
   
   Bank a/c - 60,000/-
   Rent receivable  - 60,000/-  
 
If tds amount confirmed by party)- pass JV
   TDS receivable- xxxx
   To Rent Receivable- xxxx  
   

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