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Answer Posted / 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 |
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