journal entry for TDS

Page no : 2

prit (accountant) (26 Points)
Replied 05 July 2013

Hello,

I have an querries regarding Tds that i forgot to deduct tds from my client & which we have to pay so i calculated tds on that amount supoose the amount which we paid to client is Rs.100000/- i paid exact 100000 without deduct tds so i calculated tds on 101010/- so it will show u amount of tds rs. 1010/- again i delay to pay the tax so govt will charge interest on tds so what would be the entery to be pass???

Akshata (CA Final ) (324 Points)
Replied 06 July 2013

Hi prit,

Wat exactly is the Bill amount?1,01,010 or 1,00,000?

If the client is one with whom u have continuous business,u can deduct TDS amount in their next bill.

Interest on TDS doesnt effect the Party. Hence u can directly put the entry :

Interest on TDS a/c Dr.

To Bank a/c

1 Like

prit (accountant) (26 Points)
Replied 06 July 2013

Dear akshata

Thanks for the reply

& the amt bill is 100000/- as i forgot to deduct Tds so i revised the entery like this i took 101010 my bill amount & deduct 1010 from it in shown a 100000 amount after tds. for that i pass payment entery

company a/c dr.
to bank a/c

& pass journal entery for tds

company a/c dr
to tds payables a/c

now i have an querry that what would be the entery for interest whaich i paid after 8 mths with payment of tds

Tds payables a/c dr. xxx
Interest on tds a/c dr. xxx
To bank a/c xxx

is it right entery

Akshata (CA Final ) (324 Points)
Replied 09 July 2013

Correct.

The reason i asked u about bill amount is that u will be giving credit of TDS to the party without actually deducting the TDS from their payment..i.e., they will take tax benefit of 1010 without actually paying..
But i suppose that wud be better than Rs. 100000 being disallowed for non payment of tax..

prit (accountant) (26 Points)
Replied 09 July 2013

Thx

But my CA Told me to do like that

Madhu (accountant) (21 Points)
Replied 16 July 2013

agree with above entries

Ali Ababas Ansari (Accountant) (24 Points)
Replied 25 November 2013

Dear sirs/friends,

I want to know that if I am an individual who provides service to clients and they deduct my TDS so should I also make any entry for it.

Vaiibhav Gupta (Founder & Promoter JSR Fincon Inc) (89 Points)
Replied 30 November 2013

Originally posted by : Ali Ababas Ansari

Dear Friend,

Yes u need to make an entry as follows:

While posting of sales/revenue bill

Entry No. 1

Sundty debtor Dr

To Sales/Revenue

Entry no. 2 while receiving of payment on which tds deducted

Bank Dr

TDS receivable Dr.

To Sundry Debtor

Hope this suffice ur purpose.

For further u can mail me vaibhav @ jsrfincon.com.

Thanks

Dear sirs/friends,

I want to know that if I am an individual who provides service to clients and they deduct my TDS so should I also make any entry for it.

1 Like

Nayan Das (ACCOUNTS MANAGER) (981 Points)
Replied 30 November 2013

Mr.Vaiivab,

if any Service received you, that is your expenses,

example: "X" Service amount Rs.55,000/-by "A" company.

"X" Service A/c....Dr. 55,000/-

To, TDS on 94 C...1100/-

To, "A"Company A/C.53,900/-

Deduct 2% TDS if Company otherwise 1% TDS deducted and Lmit 50000/- for Service

gauravkesharwani (a) (21 Points)
Replied 14 July 2014

accountig entries for tds u/s-194ia

if partily payment made by seller at year end

Rohit maurya (2 Points)
Replied 12 July 2016

If tds collected is less and tds paid is is more we can adjust tds paid with tds collected with this entry

Tds payable a/c debit

To tds collected a/c

To cash/bank

I m right or wrong

Rajubba (Ipcc) (71 Points)
Replied 22 July 2017

tds Form 16 Journal Entry

Professional charges Received Journal entry194J

harshad (Executive) (26 Points)
Replied 06 March 2018

When expenses due Expense a/c Dr To service provider / supplier To tds payable a/c When expense is paid Suppier/ service provider a/c Dr To bank / cash a/c When TDS is paid to government Tds payable to government ac Dr To bank / cash ac

Amit_2020 (Senior Account Executive) (2 Points)
Replied 15 June 2018

How to pass journal entries of TDS with GST

Abdul Qayyum (2 Points)
Replied 02 October 2018

Can we pass following entries? When expense is due? Expense A/C Dr To Suppliers/Service Providers A/C Cr When payment is due Suppliers/Service Providers A/C Dr To TDS Payable A/C Cr TO Bank A/C Cr