how to do T.D.S entries in account books
Answers were Sorted based on User's Feedback
Answer / d
transport expenses a/c .. dr
to hemant transport a/c
to T.D.S
| Is This Answer Correct ? | 68 Yes | 12 No |
Answer / srikant barick
1.
Expenses A/c (on which TDS deducted) Dr. 100%
To, TDS Payble A/c (as per central govt. rate)
To, Cash (balance after deduction of tds from exp.)
(if cash paid & expenses early)
2.
Expenses A/c (on which TDS deducted) Dr. 100%
To, TDS Payble A/c (as per central govt. rate)
To, Party A/c (balance after deduction of tds from exp.)
| Is This Answer Correct ? | 46 Yes | 8 No |
Answer / ravindra kumar
party a/c Dr (full amt.) 10000
cash/bank a/c cr. 9000
tds a/c (liabilities) cr. 1000
| Is This Answer Correct ? | 44 Yes | 6 No |
Answer / vikrant
In case of Payment Booking (Example)
Revenue(Expenses) A/c Dr. 101
To Party A/c Cr. 100
To TDS Payable A/c 1
While making payment to Govt.
TDS Payable A/c Dr. Rs.1/-
to Bank A/c Rs.1/-
If TDS on Provision
Revenue(Expenses) A/c Dr. Rs.101/-
to Provision(Libilities) A/c Rs.100/-
to TDS payable A/c Rs.1/-
| Is This Answer Correct ? | 32 Yes | 5 No |
Answer / sandeep
debit the account on which TDS dedcuted
credit TDS payable account
| Is This Answer Correct ? | 33 Yes | 16 No |
Answer / kalpana janardhane dudhate
TDS Deduction Means Which ever is Earlier
If Payment made without Bill so TDS Deduction is liable on
the payment
About Entry
Party A/c -Dr
TDS A/C -Cr
Cash/Bank Account -Cr
If bill come early payment made after
so entry
for eg they provide service on professional like consulting
charges
Professional Fees Ac -dr
TDS a/C -cr
Party a/c - cr
Regards,
kalpana
8828142221
| Is This Answer Correct ? | 18 Yes | 2 No |
Answer / nitin kumar 971783002
transport a/c dr.
to party
party a/c dr
to tds payable
tds payable a/c dr
to bank/cash
| Is This Answer Correct ? | 9 Yes | 3 No |
Answer / chandan kumar - 8976922555
Sorry i dont know right to ask question.
My question is if someone ( party ) deduct TDS from from our Invoice, what will be entry in the books of accounts as well as in tally. Please reply me.
| Is This Answer Correct ? | 2 Yes | 1 No |
if i allow to deduct tds to another company from my income, in which situation i can getback from govt. is it possible to get back this tds amount?
Why buyer have to issue C forms & what is the issue
at what percentage of tax is collected for non submission of 'c' form by the commercial tax authorities
What is the Difference between VAT and Sales Tax ?
what is TDS
How many heads are there under total income?
What is the Processing to Get TIN (Sale Tax No.) and what the Charges to get it....and in how many days i can get it...from Sales tax Department...Please resolve it Soon...
why direct tax as a career field? why u have chosen direct tax as a field?
What do you mean by MOT Charges in excise ? Explain !
What r the foll tax deductions for :- 1.TDS 2.WCT Give me answers in detail & give me some addtional info on these topics which would be helpful for me.
Hi All, I am working one company under contractual employee & My CTC is 9000 per month & take home salary is 8100, they are deducting 900/- as TDS per month on my salary, as i aware that, no TDS will be deduct below 160000 per year, can you plz post the answer or mail me on my mail id (itsaarmaan@gmail.com) (itsaarmaan@way2sms.com) Thanks in Advance to all. Hope you have correct answer & you will post as soon as possible.
What are the treatment & implications if party doesn't provide C Form in interstate sales transactions & also same if provide C Form.