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If vendor is deducting TDS amt while paying, how to pass
entry inbooks. Will it be TDS recoverable/TDS payable a/c.
kindly clarify
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Answer / bijender
When Vendor deducting TDS. TDS Payble A/c will be credited
and A/c Head will be Debited.E.g. M/s GML is paying 7840 as
jobwork changes to M/s Kundan & sons and dedcuting 160 as
tds.Entry will be as follows:
Job Work A/c 8000
To TDS Payble 160
To Kundan & Sons 7840
While Paying amount
Kundan & Sons 7840
TDS Payble 160
To Cash/Bank 8000
| Is This Answer Correct ? | 10 Yes | 1 No |
Answer / sandeep
Boss,
to be frank, the question itself is wrong, TDS will be made by the receiver of the service, vendor is a provider of service. A customer can do that then the entry will be,
Bank A/c Dr/....
TDS Payable Dr..
To customer A/c.
| Is This Answer Correct ? | 2 Yes | 1 No |
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