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How can i treat the tds in the Books of Deeductee. Example
suppose my company recives an amount on Job work charges by
giving tds to a deductor company. Then will i creat it
under tax and liability ledger or other.
- 4 Answers
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Answer / sumancwa
When we are making Payment, We supposed to pass the entry as follows:
supplier A/c. Dr. XXXXX
To TDS Payable a/c XXXXX
To Bank / Cash A/c. Dr. XXXXX
This TDS Payble A/c. we need to create under CURRENT LIABLITIES Group.
| Is This Answer Correct ? | 24 Yes | 4 No |
Answer / skkulkarni
TDS RECEIVABLE A/C DR.
BANK A/C DR.
TO CUSTOMER A/C CR.
THIS WE NEED TO CREATE UNDER CURRENT ASSET
| Is This Answer Correct ? | 19 Yes | 3 No |
Answer / preeti
when we have received an amount by GIVING TDS, then entry will be
Bank A/C DR.
TDS Payble A/c DR
TO Deductor company
SO surely it will be under tax and liability by deducting it or to asset side
| Is This Answer Correct ? | 3 Yes | 3 No |
Answer / vivek
When we are making Payment, We supposed to pass the entry
as follows:
Party a/c Dr. xxxx
TDS Receivable a/c Dr. xxxx
To Bank a/c xxxx
| Is This Answer Correct ? | 7 Yes | 8 No |
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