Accounting entry for tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 July 2013
Dear Experts,
Is it necessary to pass tds receivable entry in the accounts of a proprietor?
If yes, than how the entry should be passed considering the fact that all the receipts are cash/bank receipts. In other words there are no debtors in books, than which account should be credited?
And Under which head tds receivable should be shown in tally i.e current assets or capital accounts?
Kindly clarify. Thanks in advance.
Is it necessary to pass tds receivable entry in the accounts of a proprietor?
If yes, than how the entry should be passed considering the fact that all the receipts are cash/bank receipts. In other words there are no debtors in books, than which account should be credited?
And Under which head tds receivable should be shown in tally i.e current assets or capital accounts?
Kindly clarify. Thanks in advance.
Rupesh Jain
(Expert)
03 July 2013
pls find what the nature of TDS
TDS on which servie deducted by party
if on prop. FDR intt. then you debit the prop. capital a/c or create
TDS receivable a/c under loans & advance (assts) side.
credited to party who deduct the TDS
if TDS deduct on FDR intt. then debit the FDR of intt accured but not received and credited the intt of FDR (under indirect Income)
TDS on which servie deducted by party
if on prop. FDR intt. then you debit the prop. capital a/c or create
TDS receivable a/c under loans & advance (assts) side.
credited to party who deduct the TDS
if TDS deduct on FDR intt. then debit the FDR of intt accured but not received and credited the intt of FDR (under indirect Income)
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