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what is TDS..? and Entry for TDS..?

Answers were Sorted based on User's Feedback



what is TDS..? and Entry for TDS..?..

Answer / dharamvir(bittu)

when deduct TDS than entry:
Exp a/c dr.
To Tds payable a/c
To party a/c
At the time of payment:
Tds payable a/c dr.
to bank a/c.

Is This Answer Correct ?    17 Yes 1 No

what is TDS..? and Entry for TDS..?..

Answer / sunil

Tax Deduction At Source (TDS)

TDS Entry

(1) Item A/c Dr

Party A/c Cr

(2)

Party A/c Dr

TDS A/c CR

Is This Answer Correct ?    22 Yes 9 No

what is TDS..? and Entry for TDS..?..

Answer / mounika

TDS tax deducted at source
Tax is to be deducted at the time of invoice
posting or advance payment posting whichever is earlier.

expenses a/c dr
To Party a/c
(being raised the entry first)

Party a/c dr
To TDS a/c
(being TDS deducted)

Is This Answer Correct ?    8 Yes 1 No

what is TDS..? and Entry for TDS..?..

Answer / mounika

TDS MEANS TAX DEDUCTED AT SOURCE

Is This Answer Correct ?    5 Yes 1 No

what is TDS..? and Entry for TDS..?..

Answer / suresh reddy

1) Expenses A/c Dr

To Party A/c

2) Party A/c Dr

To TDS A/c
To Bank / Cash

Is This Answer Correct ?    2 Yes 0 No

what is TDS..? and Entry for TDS..?..

Answer / srinivas

tds is tax deduction at sources tds computation is follow through chart and
entry
when the tds deducted from party

Tds Receivable or party A/c
To Tds deducted and Payable

When the payment made monthly tds
Tds Deducted and Payable...dr
to Bank Or cash

Tds receivable on the financial year last
Provison for tax A/c ...Dr
To Tds receivable

Is This Answer Correct ?    1 Yes 0 No

what is TDS..? and Entry for TDS..?..

Answer / pushpa

TDS is Tax Deduction of Sources

TDS is one of the mode of collection of Taxes which is applicable as you earn.

TDS Entry in Tally :

1. Expenses A/c Dr
To Party A/c

2. Party A/c Dr
To TDS A/C

Is This Answer Correct ?    2 Yes 2 No

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