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what is the entry of tds
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If Tds certificate received then
By Bank a/c Dr 9000/-
By TDS a/c Dr 1000/-
To Party Name A/C Cr 10,000/-
If Tds Deduct and certificate given then
By Party Name A/C Dr 10,000/-
To TDS a/c Cr 1000/-
To Bank a/c Cr 9000/-
| Is This Answer Correct ? | 12 Yes | 1 No |
Answer / nihar
A. TDS deducted on Due basis and Payment was made.
1)For TDS due-
Expenses A/C Dr.
To Party A/C.
To TDS Payable A/C.
(Being expenses was due and TDS was deducted)
2)For Payment of TDS
Party A/C Dr.
TDS Payable A/C Dr.
To Bank A/C.
(Being payment was made)
B. TDS was deducted on Payment basis
1) Party A/C Dr.
TO TDS Payable A/C.
TO Bank A/C.
(Being advance paid to party and TDS was deducted)
2) TDS Payable A/C Dr.
To Bank A/C.
(Being TDS was Paid)
3) Expenses A/c Dr.
To Party A/C.
(Being Expenses was Booked)
| Is This Answer Correct ? | 3 Yes | 3 No |
1.If we deduct TDS on Our Exp
Expense A/c Dr.
To TDS Payable U/S 194..
To Party Ac Or Bank/Cash A/c
2.If Some One Deduct Our TDS
Bank/Cash A/c OR Party A/C Dr.
TDS Receivable A/c Dr.
To Income A/c
3.TDS Payment Made To Government
TDS Payable A/C Dr.
To Bank A/C
4.TDS Certificate Received
TDS Receivable A/c Dr.
To Party A/C
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / bheem singh
When we received any contract then entry will be
Party A/c Dr
TDS A/c Dr
To Income A/c Cr.
Here when we receive the amount TDS amount will not be
credited it will be adjusted at the time of payment of
income tax.
When we give the contract then entry will be
Expense A/c Dr
To Party A/c Cr.
To TDS A/c Cr.
At the time of Payment entry will be
Party A/c Dr.
TDS A/c Dr.
To Cash/Bank..
Then Both Party A/c and TDS A/c will be closed.
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / amulya kumar nayak
DUE OF T.D.S ENTRY
EXPENSES A/C DR
TO T.D.S A/C
TO PARTY A/C
PAYMENT ENTRY
PARTY A/C DR
TO BANK/ CASH
T.D.S PAID ENTRY
T.D.S A/C DR
TO CASH/BANK
| Is This Answer Correct ? | 0 Yes | 3 No |
Answer / saritabhardwaj2007
expense a/c dr
to tds payable a/c
to bank a/c
| Is This Answer Correct ? | 2 Yes | 11 No |
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