What is TDS? Post journal entry for that in books of
company.
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Answer Posted / tushar
TDS stands for Tax deducted at source. It is deducted as
per provision of Direct Tax Act.
Entry for TDS:-
a)In case of Deductor
Expences (Professional, Job work, Interest as the case may
be) Dr. (Total Invoice Amount)
Party A/c Dr. ( For TDS Amount)
To Party a/c (Total Invoice Amount)
To Tds Payable A/c (amount calculated as per specified rate)
or,
Expence A/c dr. (Invoice Amount)
To Party A/C (Invoice Amount)
& for TDS deduction,
Party A/c dr.
To Tds payable.
b)Incase of Deductee.
Client/Party A/c dr.
To Income A/c
for tds deduction
TDS recoverable A/c dr.
To Client/Party A/c
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