Answer / anitha srinivasan

Both are treated as statuatory payments. It will reflect
under Current Liabilities under the group of provisions.

Answer / arjun

1.It Will treated as current liabilities when it is
deducted by us.

2.otherwise treated as cuurent Asset when person making
payment to us has deducted the TAX

Answer / n ihar

if you are the deductor then it will be liability for u and u should account under current liabilities.

Entry
Salary a/c -----------dr 50000
To Tds 5000
To Salary payable 45000
Then pass payment entry by debiting the TDS a/c and crediting the bank.Then u can find your tds account will nullified.

Same way u can pass entry for service tax. but after adjusting the input credit of service tax( eligible under service tax act)

In case of Bad Debt such amount should be credited to 1.Cash account 2.Debtors account 3.Sales account

2 Answers  

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Can any body answer me what is the logic of writing A/c's payee over the corner of the cheque?

5 Answers  

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EXPAND______________PCB

4 Answers  

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when one person does a BPO accounts than how it is differ from normal accounts

2 Answers   Wipro,

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What is provision for depreciation? What is it entry in P&L & Balance sheet? How it is different from Depreciation expense?

5 Answers   EEE, Genpact, IBM,

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difference between retail invoice & tax invoice

6 Answers   MAHINDRA,

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Mr X has invest Rs.150000/- from his saving bank a/c for fixed deposit after maturity he received with interest amt Rs.165000/- He requested bank to renewed the same excluding inst amt.Bank after deducting charges credit the insterest amt to Mr. X a/c..pass the Journal entry in the books of MR.X

2 Answers  

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expand S L M

2 Answers  

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What does IMAP stand for

1 Answers   HP, Wipro,

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whether securities premium includede in calculation of Net Worth.

1 Answers  

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Country-Western songs emphasize three basic themes: love, prison and trucks. A survey or the local Country-Western radio station produced the following data: 12 songs about a truck driver who is in love while in prison 2 about people in prison who are not in love and do not drive trucks 8 about people who are out of prison, are not in love, and do not drive a truck 13 about a prisoner in love 28 about a person in love 18 about a truck driver in love 16 about truck drivers who are not in prison 3 about a truck driver in prison who is not in love Find the number of songs about: a) How many songs were surveyed? b) truck drivers? c) prisoners? d) truck drivers in prison? e) people not in prison? f) people not in love?

0 Answers  

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Difference between a Fund manager, Investment manager, Portfolio manager, Custodian manager?

1 Answers   Mellon, Tech Mahindra,

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