Tds payment

This query is : Resolved

avinash (Querist)
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20 December 2014 I book entry 5000 rs as tds payable.and next year I paid the amount from other person account .then how to made entry.in tally.....

Rupesh Jain

Rupesh Jain (Expert)
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20 December 2014 you can make payemtn to that person and
debit a/c tds a/c
and credit the bank a/c

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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20 December 2014 Entry will be

TDS payable A/c Dr....
To Other Person A/c

Then when you pay the amount to other person--

Other Person A/c Dr...

To Bank/Cash A/c.....

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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21 December 2014
It seems that you had made a mistake while booking expenses. in that case you have to first revise your TDS return and then pass the following entries in your books of a/c

original vendor A/c Dr.
To New vendor A/c
(being entry is now rectified since earlier wrong head of ledger is selected)

New vendor A/c Dr
To Bank/cash
(Being payment is made)

Note: No adjustment required to be made in books for expenses as well TDS entries

Therefore, all others experts need to be corrected

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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21 December 2014 Revising TDS return?? Wait wait...

If I am not wrong the case here is as under---

The TDS liability of say X was paid from Y account.

So while at the time when Y paid the amount of TDS liability for X the entry will be---

TDS Payable A/c Dr...
To Y A/c...

And when X pays the amount to Y entry will be ---

Y A/c Dr...

To Bank A/c...

The person asking the question may further clarify in this regard then it can be clear as to who needs to be corrected.

Regards.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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21 December 2014 Please do it on paper you will get more clarify on the matter.

Liability for TDS of Rs. 5,000/- is already created and paid (assume on due date), Therefore, only return need to be revised in filed with department,

Expenses are correctly booked, therefore in that case also no adjustment is required.

Only vendor ledger need required adjustment, Therefore Entries suggested in my last post is sufficient.

I think this will be sufficient for all queries of other experts