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What is the accounting treatment for TDS and service tax?
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Answer / anitha srinivasan
Both are treated as statuatory payments. It will reflect
under Current Liabilities under the group of provisions.
| Is This Answer Correct ? | 43 Yes | 9 No |
Answer / arjun
1.It Will treated as current liabilities when it is
deducted by us.
2.otherwise treated as cuurent Asset when person making
payment to us has deducted the TAX
| Is This Answer Correct ? | 24 Yes | 0 No |
Answer / n ihar
if you are the deductor then it will be liability for u and u should account under current liabilities.
Entry
Salary a/c -----------dr 50000
To Tds 5000
To Salary payable 45000
Then pass payment entry by debiting the TDS a/c and crediting the bank.Then u can find your tds account will nullified.
Same way u can pass entry for service tax. but after adjusting the input credit of service tax( eligible under service tax act)
| Is This Answer Correct ? | 17 Yes | 4 No |
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