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What is TDS ? How its entry will be passed in accounting
book ?
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Answer Posted / sachin barthwal
TDS means Tax Deducted Sources .
At the time of Deduction :-
{1}Party A/c will be Debited
TDS Payable A/C will be Credited
{2} After deposit in Bank
TDS Payable A/C will be Debited
Bank A/C will be Credited
Every month 7th is last day for submission of TDS amount
for previous month deduction amount
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