How can i treat the tds in the Books of Deeductee. Example
suppose my company recives an amount on Job work charges by
giving tds to a deductor company. Then will i creat it
under tax and liability ledger or other.

Answers were Sorted based on User's Feedback



How can i treat the tds in the Books of Deeductee. Example suppose my company recives an amount on..

Answer / sumancwa

When we are making Payment, We supposed to pass the entry as follows:
supplier A/c. Dr. XXXXX
To TDS Payable a/c XXXXX
To Bank / Cash A/c. Dr. XXXXX

This TDS Payble A/c. we need to create under CURRENT LIABLITIES Group.

Is This Answer Correct ?    24 Yes 4 No

How can i treat the tds in the Books of Deeductee. Example suppose my company recives an amount on..

Answer / skkulkarni

TDS RECEIVABLE A/C DR.
BANK A/C DR.
TO CUSTOMER A/C CR.

THIS WE NEED TO CREATE UNDER CURRENT ASSET

Is This Answer Correct ?    19 Yes 3 No

How can i treat the tds in the Books of Deeductee. Example suppose my company recives an amount on..

Answer / preeti

when we have received an amount by GIVING TDS, then entry will be
Bank A/C DR.
TDS Payble A/c DR
TO Deductor company

SO surely it will be under tax and liability by deducting it or to asset side

Is This Answer Correct ?    3 Yes 3 No

How can i treat the tds in the Books of Deeductee. Example suppose my company recives an amount on..

Answer / vivek

When we are making Payment, We supposed to pass the entry
as follows:

Party a/c Dr. xxxx

TDS Receivable a/c Dr. xxxx

To Bank a/c xxxx

Is This Answer Correct ?    7 Yes 8 No

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