What are the accounting entries to be passed for TDS if
person who is assessed is a Firm (or) Proprietorship (or)
Company (or) person?
Eg: I (CDE & Co) paid Rs. 1,00,000/- through ICICI Bank
after deducting 10% of the amount (Rs. 10,000/-) as TDS (Tax
Deducted as Source) to “ABC & Co” (i would like to know the
entry to be posted in "CDE & Co" and "ABC & Co")
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Answer Posted / arti
In CDE & Co.
Dr. ABC & Co. Rs 110000.
Cr. TDS Rs.10000
Cr. ICICI Bank Rs. 100000
In ABC & Co.
Dr. Bank 100000
Dr. TDS 10000
Cr. CDE & Co. 110000
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