What is the accounting treatment for TDS and service tax?
Answers were Sorted based on User's Feedback
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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