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What is TDS? Post journal entry for that in books of
company.
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Answer / sapna agarwal
say if it is professional charges then
professional charges a/c dr
To TDS payable a/c
To party a/c
Then while making payment it is...
TDS payable a/c dr
party a/c dr
To bank a/c
| Is This Answer Correct ? | 74 Yes | 11 No |
Answer / md mustafa ansari
For Tds payable (Liablity)
vendor A/c Dr XXX
To Tds Payable XXX
For tds receivable (Sundry Debtors)
Tds receiveble a/c dr XXX
To Client XXX
| Is This Answer Correct ? | 69 Yes | 17 No |
Answer / santhy
TDS is Tax deducted at source of income.
When you are a recepient of any income on which tax
deducted for example, 10,000 in interest income and 100/-
is the tax deducted at source
Dr. Bank/Cash a/c 900.00
Dr. TDS account 100.00
Cr. Interest recd a/c 1000.00
| Is This Answer Correct ? | 55 Yes | 15 No |
Answer / mayur babaria
in case of deductor:
(1)when we posted any expense in our books of account
particular exp. a/c dr
To sundry creditors a/c
(2)when we duduct TDS
particular party(sundry creditore) dr
To TDS payable a/c cr
(3)when we make payment to our sundry creditors
particular party a/c dr
To cash/bank a/c cr
(4) when we pay TDS to government
TDS payable a/c dr
TO BANK A/C(FOR PAY TO GOVT.)
| Is This Answer Correct ? | 24 Yes | 2 No |
Answer / naman
in case of deductor:
(1)when we posted any expense in our books of account
particular exp. a/c dr
To sundry creditors a/c
(2)when we duduct TDS
particular party(sundry creditore) dr
To TDS payable a/c cr
(3)when we make payment to our sundry creditors
particular party a/c dr
To cash/bank a/c cr
(4) when we pay TDS to government
TDS payable a/c dr
TO BANK A/C(FOR PAY TO GOVT.)
| Is This Answer Correct ? | 16 Yes | 3 No |
Answer / tushar
TDS stands for Tax deducted at source. It is deducted as
per provision of Direct Tax Act.
Entry for TDS:-
a)In case of Deductor
Expences (Professional, Job work, Interest as the case may
be) Dr. (Total Invoice Amount)
Party A/c Dr. ( For TDS Amount)
To Party a/c (Total Invoice Amount)
To Tds Payable A/c (amount calculated as per specified rate)
or,
Expence A/c dr. (Invoice Amount)
To Party A/C (Invoice Amount)
& for TDS deduction,
Party A/c dr.
To Tds payable.
b)Incase of Deductee.
Client/Party A/c dr.
To Income A/c
for tds deduction
TDS recoverable A/c dr.
To Client/Party A/c
| Is This Answer Correct ? | 9 Yes | 8 No |
Answer / nitin kumar srivastava
At the time of Deducting TDS.
Expenses Account Dr.
To, TDS Payable Account
To, Party
At the time of deposit of amount of TDS.
TDS Payable Account Dr.
To, Cash/Bank Account
At the time of booking of income.
Party Dr.
TO, TDS DEDUCTED
TO, rEVENU RECEIPTS Account
At the time of Receipt of Income.
Bank/Cash Account Dr.
To, Party
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / kishore kumar
sir, aap mujhe tds ki aur exmple se entry bhtai
| Is This Answer Correct ? | 0 Yes | 1 No |
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Audit 
