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I have deducted the tds against advace payment on 150000 ie
3000 paid to govt, in jan month in april month i rec
300000 bill so how to adjust the previous advance tds in
this bill
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Answer Posted / amit kumar tiwari
Take provision Rs.300, 000 as per vendor confirmation up to 31 March after that total bill will book in April in receptive heads and tds will deduct Rs.3000/- suppose your vendor was supplying printing Materials
31 March
Printing & Stationery Dr.300, 000.00
To Expense payable cr. 300,000.00
(Being Provision taken up to 31 March)
01 April
Expenses payable Dr. 300000.00
To Printing & Stationery Cr. 300000.00
(Being entry reversed)
April when you receive bill
Printing & Stationery Dr.300000.00
To Vendor 297000.00
To TDS on Contract 3000.00
(Bill No………….. for the Period: ……….Tds 3000/- Already deducted Jan )
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