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What will be the journal entries in case of tax collevted
at source.

Question Posted / aman


What will be the journal entries in case of tax collevted at source...

Answer / satyanarayana raju




TDS will be there while making payment. Likewise TCS will
be there when collection towards Royalties,Sale of Forest
Produce etc
When sale of Forest produce made or Royalties collected.
Tax will be collected along with the main Transaction. So
the entry will be

Customer/Client a/c Dr
To Sale of Forst produce/Royalty
To TCS a/c
(Being TCS made along with the main transaction)

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