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What is the accounting treatment for TDS and service tax?
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Answer Posted / 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)
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