how to do T.D.S entries in account books

Answers were Sorted based on User's Feedback



how to do T.D.S entries in account books..

Answer / d

transport expenses a/c .. dr
to hemant transport a/c
to T.D.S

Is This Answer Correct ?    68 Yes 12 No

how to do T.D.S entries in account books..

Answer / srikant barick

1.
Expenses A/c (on which TDS deducted) Dr. 100%

To, TDS Payble A/c (as per central govt. rate)
To, Cash (balance after deduction of tds from exp.)
(if cash paid & expenses early)

2.
Expenses A/c (on which TDS deducted) Dr. 100%

To, TDS Payble A/c (as per central govt. rate)
To, Party A/c (balance after deduction of tds from exp.)

Is This Answer Correct ?    46 Yes 8 No

how to do T.D.S entries in account books..

Answer / ravindra kumar

party a/c Dr (full amt.) 10000
cash/bank a/c cr. 9000
tds a/c (liabilities) cr. 1000

Is This Answer Correct ?    44 Yes 6 No

how to do T.D.S entries in account books..

Answer / vikrant

In case of Payment Booking (Example)

Revenue(Expenses) A/c Dr. 101
To Party A/c Cr. 100
To TDS Payable A/c 1

While making payment to Govt.
TDS Payable A/c Dr. Rs.1/-
to Bank A/c Rs.1/-

If TDS on Provision

Revenue(Expenses) A/c Dr. Rs.101/-
to Provision(Libilities) A/c Rs.100/-
to TDS payable A/c Rs.1/-

Is This Answer Correct ?    32 Yes 5 No

how to do T.D.S entries in account books..

Answer / sandeep

debit the account on which TDS dedcuted
credit TDS payable account

Is This Answer Correct ?    33 Yes 16 No

how to do T.D.S entries in account books..

Answer / kalpana janardhane dudhate

TDS Deduction Means Which ever is Earlier
If Payment made without Bill so TDS Deduction is liable on
the payment
About Entry
Party A/c -Dr
TDS A/C -Cr
Cash/Bank Account -Cr
If bill come early payment made after
so entry
for eg they provide service on professional like consulting
charges
Professional Fees Ac -dr
TDS a/C -cr
Party a/c - cr

Regards,
kalpana
8828142221

Is This Answer Correct ?    18 Yes 2 No

how to do T.D.S entries in account books..

Answer / nitin kumar 971783002

transport a/c dr.
to party


party a/c dr
to tds payable

tds payable a/c dr
to bank/cash

Is This Answer Correct ?    9 Yes 3 No

how to do T.D.S entries in account books..

Answer / manish

If tds is deducted against bill raised by you, then it will
be treated as current asset. The accounting entry for the
same will be as follows.

Dr. Cash / Bank account (When payment is received)
Dr. TDS Receivable account.
Cr Vendor Account

Is This Answer Correct ?    4 Yes 1 No

how to do T.D.S entries in account books..

Answer / chandan kumar - 8976922555

Sorry i dont know right to ask question.
My question is if someone ( party ) deduct TDS from from our Invoice, what will be entry in the books of accounts as well as in tally. Please reply me.

Is This Answer Correct ?    2 Yes 1 No

Post New Answer

More Taxation Interview Questions

What can be done incase of excess payment of TDS Remittence than the actual amount? Is there any adjustment towards the excess amount with the upcoming TDS payment?

8 Answers   TCS,


i want about TDS full details with Limit,Rate and Entry in Tally ?

0 Answers  


WHAT ARE THE TYPES OF TAXATION?

4 Answers   IBM,


What is the TDS . and how can we identify this is TDS Deductable or not.

4 Answers  


IF WE BOOK PURCHASE AS EXPENDITUR.THE CAN BE ISSUE C-FORM AGAINST THAT PURCHASE

1 Answers  






can we purchase software agaist Form under In the telecommunications network; or

0 Answers   Accenture, Vodafone,


If, we rentout our fixed asset. is this transaction appliocable to service tax

1 Answers  


whaT is TDS? give the rates. Procedure for preparing the same?

1 Answers  


(1)what is last date of monthly TDS challan deposit (2) what is last date of TDS quarterly Return filling

32 Answers   Advance Steel Tubes, Bombay Burmah Trading Corporation, First City, Kekran Mekran, SA Enterprises, Wipro,


How to do online submition of form 16 for the f.y-2007-08

1 Answers  


WHAT IS VAT ON SALE OF GOLD IN RAJASTHAN

3 Answers  


what is fbt? and how to calculate of perks which are give by the employer to employee?

1 Answers   Visa Steel,


Categories