When we paid tds on rent how will journal entry will come and how to enter in tally software?
Answers were Sorted based on User's Feedback
Answer / ravi kedari.
TDS On Rent A/c....Dr
TO Bank/Cash A/c... Cr.
|Is This Answer Correct ?||66 Yes||10 No|
Answer / praveen.kp
There are mainly 3 entries.
1. for booking rent
Rent a/c Dr
To parties a/c
To TDS on rent a/c
2. for TDS
TDS on rent a/c Dr
To Income Tax Suthorities a/c
3.for paying TDS to GOVt
Income Tax authority a/c DR
To cash a/c
(cash go's out of the business)
|Is This Answer Correct ?||55 Yes||6 No|
Answer / t
TDS on rent a/c(amount deducted as TDS from rent)...Debit
To, Bank a/c (Credit
|Is This Answer Correct ?||46 Yes||5 No|
Answer / sandeep negi
Lets assume the following. "A" consider Party. "B" consider
TDS & "C" consider Rent
So Journal entry will be as following
Rent "C" (debit)(value of (A+B)
To TDS "B" (C-A)
To PArty "A" (C-B)
|Is This Answer Correct ?||35 Yes||3 No|
Answer / rajesh
Suppose we are paying a landlord a rent Rs.15000/- & Tds
should be deducted @ 10%.
therefore net payment to be made to landlord is Rs.13500/-
(i.e 15000-1500 =13500)
Entry will be passed in our book as
Rent & Hire Charges Rs.15000 Dr
Bank A/c. Rs.13500 Cr
Itds on Rent Rs. 1500 Cr
|Is This Answer Correct ?||33 Yes||10 No|
Answer / mohan sriram (bhiwandi)
1) While book in Tally-
Rent A/c Dr- 100
To TDS on Rent A/c - 20
To Party A/c - 80
2) While making payment to the party
Party A/c Dr- 80
To Bank A/c - 80
3) Deposits of TDS to Govt
Treasury/Bank A/c Dr- 20
To TDS on rent A/c - 20
|Is This Answer Correct ?||33 Yes||18 No|
Answer / mamta chaudhary
Three entries will be passed
Entry for Due
1) Rent A/c Dr.
To Landlord account
To Tds on Rent
Entry for transfer
2) Tds on Rent A/c Dr.
To Tds Payable Account
Entry for payment
3) Tds Payable A/c Dr.
To Bank/Cash Account
|Is This Answer Correct ?||12 Yes||0 No|
while booking a bill in journal in tally -f7
in journal - party a/c dr 5000
to tds 5000
(being bill booked)
in journal deduction entry - alt+s is the short cut key-f7
to tds 510.10
payment entry after deducting tds -f5
party a/c dr 4490
to bank 4490
deducted tds payment made to the dept -f5
tds a/c dr 510.10
to bank 510.10
|Is This Answer Correct ?||7 Yes||0 No|
Answer / tarun pal
SUPPOSE, WE PAY TDS ON RENT ENTRY WILL BE PASSED
BANK A/C Dr.
To TDS ON RENT A/C
TO PARTY A/C
|Is This Answer Correct ?||10 Yes||9 No|
Answer / sateesh
how to prepare tds journal entries on salaries for the month of june-2016
|Is This Answer Correct ?||1 Yes||0 No|
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