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HOW CAN WE ADJUST TDS ANS SERVICE TAX IN JUST SINGLE ENTRY . PLS TELL ME THE COMBINED ENTRY.
Let us assume that the bill is as follows
Professional Charges - 10,000
Service Tax - 1,030
Total 11,030
Now, the TDS amount will be 10% of Rs.11,030 i.e., Rs.1,103. .
Now the entry will be as follows
Expenses A/c Dr 10,000
Service tax credit A/c Dr 1,030
To TDS payable A/c 1,103
To Bank 9,927
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