We made full payment to contractor and forget to deduct TDS on
that.Now contractor ledger is fully settled and we have to
pass the TDS entries on that.
Kindly guide rectify the entries on tds
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Answer / Sankatesh Raman
To rectify the situation of not deducting TDS (Tax Deducted at Source) when making a full payment to a contractor, you should follow these steps:
1. Calculate the amount of TDS that was supposed to be withheld but missed.
2. Issue a TDS certificate (Form 16) for the financial year, if not already issued.
3. Deposit the unpaid TDS amount to the government within the specified time frame and obtain a challan or receipt.
4. Update the contractor's ledger with the correct TDS entries, including the payment made, TDS amount, and the challan or receipt number.
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