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What are the accounting entries to be passed for TDS if
person who is assessed is a Firm (or) Proprietorship (or)
Company (or) person?
Eg: I (CDE & Co) paid Rs. 1,00,000/- through ICICI Bank
after deducting 10% of the amount (Rs. 10,000/-) as TDS (Tax
Deducted as Source) to “ABC & Co” (i would like to know the
entry to be posted in "CDE & Co" and "ABC & Co")

Question Posted / k. prakash


What are the accounting entries to be passed for TDS if person who is assessed is a Firm (or) Propr..

Answer / arti

In CDE & Co.

Dr. ABC & Co. Rs 110000.
Cr. TDS Rs.10000
Cr. ICICI Bank Rs. 100000

In ABC & Co.
Dr. Bank 100000
Dr. TDS 10000
Cr. CDE & Co. 110000

Is This Answer Correct ?    6 Yes 1 No

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