03 June 2016
In our proprietorship firm, we already made payment of salary to employees through bank during Financial year 2015-16 without deduction of TDS. But in April we deduct TDS for whole year from the April month salary & filed tds return for the quarter ended in March. Now I want to know the exact treatment in tally how to present the effect TDS deducted & deposited. If I passed given below entry on 31.03.2016 Salary (Ram ) A/c Dr. (from tds amount ) To TDS Payable on salary then we are claiming the excess deduction of salary during financial year 2015-16.
For example: Salary to Mr. Ram paid of Rs. 5,25,000 through bank during FY 2015-16. In the month of may from the salary of april month TDS of Rs.9700/- has been deducted & deposited. Now what will be the journal entry for this including there is Interest on late payment of TDS on this amount. Give me solution as soon as possible.
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