TDS ENTRIES IN THE HANDS OF PAYER & PAYEE

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TDS ENTRIES IN THE HANDS OF PAYER & PAYEE..

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

 Is This Answer Correct ? 83 Yes 17 No

TDS ENTRIES IN THE HANDS OF PAYER & PAYEE..

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

 Is This Answer Correct ? 47 Yes 12 No

TDS ENTRIES IN THE HANDS OF PAYER & PAYEE..

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 ? 35 Yes 3 No

TDS ENTRIES IN THE HANDS OF PAYER & PAYEE..

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 ? 34 Yes 8 No

TDS ENTRIES IN THE HANDS OF PAYER & PAYEE..

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

TDS ENTRIES IN THE HANDS OF PAYER & PAYEE..

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 ? 13 Yes 1 No

TDS ENTRIES IN THE HANDS OF PAYER & PAYEE..

Yes

 Is This Answer Correct ? 6 Yes 1 No

TDS ENTRIES IN THE HANDS OF PAYER & PAYEE..

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 ? 0 Yes 0 No

TDS ENTRIES IN THE HANDS OF PAYER & PAYEE..

RABINDRA&CO DR 54000
TDS A/C DR 6000
TO BANK A/C

 Is This Answer Correct ? 0 Yes 1 No

TDS ENTRIES IN THE HANDS OF PAYER & PAYEE..

6000

 Is This Answer Correct ? 6 Yes 9 No

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