Can anybody explain me entry for TDS receivable with example
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Answer Posted / m bharath
TDS A/c Dr.
To Party A/c.
Suppose "A" is a company providing Cab Services to "B" an individual. (Cab Hiring Charges Rs. 1,00,000/- P.M) As per Income Tax Act, payment more than 50,000/- to Individual / Company has to deduct the TDS @ 1%/2%.
Entries in Books of "A" (TDS Receivable)
Bank / Cash A/c Dr. 99,000/-
TDS Receivable A/c Dr. 1,000/-
To "B" A/c. 1,00,000/-
Entires in Books of "B" (TDS Payable)
"B" A/s Dr. 1,00,000/-
To Bank/Cash A/c. 99,000/-
To TDS Payable A/c. 1,000/-
| Is This Answer Correct ? | 108 Yes | 40 No |
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