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TDS ENTRIES IN THE HANDS OF PAYER & PAYEE
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Answer / intezar ahmed
In the Books of Payer
for Ex. if TDS on Rent
Rent A/c Dr. 10,000.00
To Bank/ cash 8000.00
To TDS on Rent 2000.00
In the Books of Payee
Bank/ Cash A/c Dr 8,000.00
TDS Receivables A/c Dr 2,000.00
To Rent Received 10,000.00
| Is This Answer Correct ? | 90 Yes | 18 No |
Answer / mahesh giri
suppose expense is rent rs 20000 and tds is rs 2000
and parties are ram and shyam.
in the books of payer/deducter
(1).rent a/c dr. 20000
to tds payable a/c 2000
to Ram's a/c 18000
(being the payment due)
(2) Ram's a/c dr.18000
tds payable a/c dr.2000
to bank a/c 20000
(being the payment made)
| Is This Answer Correct ? | 48 Yes | 13 No |
Answer / vrushali
Deductor - Mr. A
Deductee - Mr. X
Say for Rent
Rent Amt = 20000
TDS Rate = 10% (say)
TDS Amt = 2000
"Entries in the books of Deductor":
1) Rent A/c......Dr 20000
To Mr. X A/c 18000
To TDS A/c 2000
(Rent Payable)
2) TDS A/c.......Dr 2000
To Bank A/c 2000
(TDS Deposited)
"Entries in the books of Deductee":
1) Mr. A A/c ....Dr 18000
TDS A/c ......Dr 2000
To Rent A/c 20000
(Rent Receivable)
2) Bank A/c......Dr 18000
To Mr. A A/c 18000
(Rent Amount Received, Net of TDS)
| Is This Answer Correct ? | 38 Yes | 3 No |
Answer / yash sharma
Payment to contractor
For Ex. Amount paid Rs 50000 to Contractor Named
Mr. ABC & Co.
ABC & Co A/c Dr 50000
To Bank A/c 49000
To TDS A/c 1000
| Is This Answer Correct ? | 35 Yes | 8 No |
Answer / burhan
in the hand of deducter or payer the entry is
sundry creditor a/c....dr
to tds a/c
to bank a/c
in the hand of deductee or payee
tds a/c......dr
to bank
| Is This Answer Correct ? | 48 Yes | 31 No |
Answer / rajesh v
In the Books of Payer on Contract work
Contract work a/c Dr
To Sundry Creditor a/c
Sundry Creditor a/c Dr
To TDS a/c
Sundry Creditor a/c Dr
To Cash/ Bank a/c
TDS a/c Dr
To Cash/ Bank a/c
In The Books of Payee on Contract amount Received
Sundry Debtor a/c Dr
To Contract Charges a/c
TDS a/c Dr
To Sundry Debtor a/c
Cash/ Bank a/c Dr
To Sundry Debtor a/c
| Is This Answer Correct ? | 14 Yes | 1 No |
Answer / lavanya
EXP. TDS ON RENT (194I)10% ,RENT RS.10000,WITH GST 18%,
IN THE BOOKS OF DEDUCTOR::-
RENT ACC. DR. 10000
INPUT GST18%(taxes & duties) 1800
To TDS ON RENT 194I 1000
To Creditor acc. 10800
(being........... )
(IN THE BOOKS OF DEDUCTEE)
Debtor Acc. Dr. 10800
TDS recievable acc.(c.assets) 1000
To output gst 18% 1800
To Rent recievable acc. 10000
(being.......................)
| Is This Answer Correct ? | 1 Yes | 0 No |
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0 Answers State Bank Of India SBI,
Audit 
