Can anybody explain me entry for TDS receivable with example
- 5 Answers
- 57448 Views
- I also Faced
- E-Mail Answers
Answer Posted / crazy fundas
A provides a Cab Service to B an Individual so he can
account this Revenue only when the service is provided
(Earned Revenue) otherwise any payment received is an
advance. So Supposedly the service is executed ofr 1 month.
In A's Books (he will recognise Revenue as follows)
B's Account Debit Rs.99000/- (Creation of Debtors for
receivable)
TDS A/c Debit Rs.1000/- (Create current Asset for TDS
Certificate receivable from Buyer)
To
Sales A/c Rs.100000/- (Sales)
In B's Books
when the service is provided and claimed for he will pass
entry as follows
At the time of Expense Booking (Accrual)
Rental Expenses A/c Dr Rs.100000/-
To A's A/c Cr. Rs.99000/-
To TDS Payable A/c Cr. 1000/-
At the time of making payment to A
A's Account Dr. 99000/-
To Cash/Bank A/c Cr. 99000/-
At the time of making TDS payments to Govt.
TDS Payable A/c Dr. 1000/-
To Bank A/c Cr. 1000/-
B gives TDS Certificate to A which A can adjust against his
Taxable Income in simplest terms.
| Is This Answer Correct ? | 23 Yes | 4 No |
Post New Answer View All Answers
Pls.tell me some website name who display practical question & answers of accounting work. like tds, service tax entry and some more. also provide important knowledge of all taxes.
The CST assessement for the FY 2006-07 is completed on 31-3- 2010 and the same is received by dealer on 22-4-10. The question is that the dealer colud not produced the original H Forms at the time time asst. except the photostat copies filed. But the CTO not allowed and calculate tax at net 4% on H Forms turnover. CTO is saying that it is time barred by 31-3-10. Therefore even after produced we can not revise. We filed with case laws that it can be revised But when it is time barred it canot be. Therefore I request You to help the dealer ANYCASE LAW is there in the above case Pl. guide us.
How to calculate excise duty on mobile products?
A person somehow gets hold of an extraordinary rare bird, keeps it as a pet for two years and then sells it off. Will related profit be taxable as capital gain?
How to calculate long term capital gain
At what point excise duty is accrued
what is CST % applicable on garments sales to other state?
Cenvat credit transaction journal entries. And what does the term reversal of credit means
We need to know is their any govt notification for VAT & Service both applicable for one item or single invoices
What is excise & service tax?
How treat TDS & TCS in manual or Tally 9 softwere ?
How can done the Accounting of WTC ? OR WTC treat (Take) like Service tax credit?
plzzzzzz help me friend my question is, is the tds of part of income tax and when it deduct from salary and why becose tds is deduct only secoundry primary income like lotory etc..
Please advise where to enter Income tax paid to Govt. in tally and on which head account to be created///
How much is the VAT in UAE
