TDS ENTRIES IN THE HANDS OF PAYER & PAYEE
- 11 Answers
- 43207 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / intezar ahmed
In the Books of Payer
for Ex. if TDS on Rent
Rent A/c Dr. 10,000.00
To Bank/ cash 8000.00
To TDS on Rent 2000.00
In the Books of Payee
Bank/ Cash A/c Dr 8,000.00
TDS Receivables A/c Dr 2,000.00
To Rent Received 10,000.00
| Is This Answer Correct ? | 90 Yes | 18 No |
Answer / mahesh giri
suppose expense is rent rs 20000 and tds is rs 2000
and parties are ram and shyam.
in the books of payer/deducter
(1).rent a/c dr. 20000
to tds payable a/c 2000
to Ram's a/c 18000
(being the payment due)
(2) Ram's a/c dr.18000
tds payable a/c dr.2000
to bank a/c 20000
(being the payment made)
| Is This Answer Correct ? | 48 Yes | 13 No |
Answer / vrushali
Deductor - Mr. A
Deductee - Mr. X
Say for Rent
Rent Amt = 20000
TDS Rate = 10% (say)
TDS Amt = 2000
"Entries in the books of Deductor":
1) Rent A/c......Dr 20000
To Mr. X A/c 18000
To TDS A/c 2000
(Rent Payable)
2) TDS A/c.......Dr 2000
To Bank A/c 2000
(TDS Deposited)
"Entries in the books of Deductee":
1) Mr. A A/c ....Dr 18000
TDS A/c ......Dr 2000
To Rent A/c 20000
(Rent Receivable)
2) Bank A/c......Dr 18000
To Mr. A A/c 18000
(Rent Amount Received, Net of TDS)
| Is This Answer Correct ? | 38 Yes | 3 No |
Answer / yash sharma
Payment to contractor
For Ex. Amount paid Rs 50000 to Contractor Named
Mr. ABC & Co.
ABC & Co A/c Dr 50000
To Bank A/c 49000
To TDS A/c 1000
| Is This Answer Correct ? | 35 Yes | 8 No |
Answer / burhan
in the hand of deducter or payer the entry is
sundry creditor a/c....dr
to tds a/c
to bank a/c
in the hand of deductee or payee
tds a/c......dr
to bank
| Is This Answer Correct ? | 48 Yes | 31 No |
Answer / rajesh v
In the Books of Payer on Contract work
Contract work a/c Dr
To Sundry Creditor a/c
Sundry Creditor a/c Dr
To TDS a/c
Sundry Creditor a/c Dr
To Cash/ Bank a/c
TDS a/c Dr
To Cash/ Bank a/c
In The Books of Payee on Contract amount Received
Sundry Debtor a/c Dr
To Contract Charges a/c
TDS a/c Dr
To Sundry Debtor a/c
Cash/ Bank a/c Dr
To Sundry Debtor a/c
| Is This Answer Correct ? | 14 Yes | 1 No |
Answer / lavanya
EXP. TDS ON RENT (194I)10% ,RENT RS.10000,WITH GST 18%,
IN THE BOOKS OF DEDUCTOR::-
RENT ACC. DR. 10000
INPUT GST18%(taxes & duties) 1800
To TDS ON RENT 194I 1000
To Creditor acc. 10800
(being........... )
(IN THE BOOKS OF DEDUCTEE)
Debtor Acc. Dr. 10800
TDS recievable acc.(c.assets) 1000
To output gst 18% 1800
To Rent recievable acc. 10000
(being.......................)
| Is This Answer Correct ? | 1 Yes | 0 No |
Discuss the role of cost accounting in managerial decision making?
How many methods are there in capital budgeting? what are those.
WHAT IS ACCOUNTING?
During Cutover Activities of New SAP Implementing Company what we have upload for Closed Fiscal year (that means Legasy to SAP ) Balance sheet or Trial Balance , What is the difference of the Both?
A company maintains a margin of safety of 25% on its current sales and earns a profit of Rs. 30 lakhs per annum. If the company has a profit volume (P/V) ratio of 40%, its current sales amount to A. Rs. 200 lakhs; B. Rs. 300 lakhs; C. Rs. 325 lakhs; D. None of the above.
What is mean by Tab Group in MS-Excel?
Short Answer on _________Accounting
Can grants made in stage payments but not yet received be accrued as grants receivable?
accrued income
What is the difference between Cash Flow & Fund Flow
Name any 3 heads shown under assets side of balance sheet.
business sepsarate entity concepts
Audit 
