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Discussion > Others >

Accounting treatment when TDS is deducted

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MCOM MBA ICWAI-Inter(Studying)

[ Scorecard : 187]
Posted On 10 August 2008 at 18:11 Report Abuse

Dear All

First of all I  explain my doubt with the help of an example.Say Mr.A is working in a company  called A Ltd which is dealing in providing courier services.They provided  courier services to B Ltd for Rs.2800.Now when B Ltd  account this courier bill they deduct TDS at the rate of 2.060% (58 Rs) and give only 2742 (2800-58) credit to ALtd and they will issue TDS certificates also.Now my question is how A Ltd accounts this TDS.First  A Ltd are debiting Rs.2800/- to B Ltd,and B Ltd now only give Rs.2742 only.So through what entry A Ltd account this TDS deduction.I hope u people understand my querry.............Please share your views.

Thanks In Advance

BINUMS


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CA Annie
Chartered Accountant

[ Scorecard : 742]
Posted On 10 August 2008 at 18:40

cash/bank/Bltd a/c                2742

TDS a/c                                 58

To Courier service receipts                 2800





SANJAY VERMA
Chartered Accountant

[ Scorecard : 334]
Posted On 10 August 2008 at 18:41

cash/bank a/c...................dr. 2742

TDS a/c .............................dr.    58

To B ltd.                                   2800




Member (Account Deleted)

[ Scorecard : 13290]
Posted On 10 August 2008 at 22:49

Originally posted by :Annie
" cash/bank/Bltd a/c                2742
TDS a/c                                 58
To Courier service receipts                 2800
"


 

Please ensure before entry that the TDS a/c which is debited here is grouped under current assets. That amount will be adjusted with the tax liability of the co.




Purvi
Student

[ Scorecard : 82]
Posted On 11 August 2008 at 13:48

In the books of A Ltd (Courier Company)

1>       Entry for Providing Service to B Ltd

           B Ltd A/c                                  2800

           To, Courier Service Receipt A/c                       2800

2>       Entry for receipt of payment from B Ltd

           Cash / Bank A/c                        2742

           Tax Deducted at Source A/c          58

           To, B Ltd A/c                                                 2800

 

 

 




Manish Bhandari
C.A

[ Scorecard : 432]
Posted On 11 August 2008 at 14:18

Hi

A Ltd can directly pass a single JV

First Entry by A Ltd

B Ltd A/c dr

To Courier Service

second to be passed is the JV

TDS A/c Dr

To B Ltd




BINU.M.S
MCOM MBA ICWAI-Inter(Studying)

[ Scorecard : 187]
Posted On 11 August 2008 at 15:11

Dear All

Thanks for your valuable replies

Regards

BINU.M.S




balaji
articleship

[ Scorecard : 46]
Posted On 12 August 2008 at 10:54

Hello frnds,

what ;my doubt is after getting TDS certificates from A ltd what entry B ltd will pass or how they reduce TDS ?




William Peter.A
Accounts Officer

[ Scorecard : 23]
Posted On 12 August 2008 at 11:18

I am eager to know about the TDS deduction




dhanunjaya
accountant

[ Scorecard : 20]
Posted On 18 August 2008 at 14:21

i want to know tds entry how to do this entry receiving amount

what is the meaing of on account this sentence showing in tally on out standing

side please explaine me i am dhanunjaya p



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