Accounting for TCS
This query is : Resolved
CA Sunanda Badgujar
(Querist)
02 November 2009
Hello to all,
I want to know about the accounting for the Tax collected at source.
the person collected Tax at source and deposited that with the Govt. so what would be the accounting entry for that.
I want to know about the accounting for the Tax collected at source.
the person collected Tax at source and deposited that with the Govt. so what would be the accounting entry for that.
Ram Avtar Singh
(Expert)
02 November 2009
just like Vat or CSt credit and deposit TCS will also credit and deposit to Govt.
CA SANJAY MUKHERJEE
(Expert)
02 November 2009
Agree with expert,
Credit TCS as liability at the time of Sale/receiving payment from buyer and reverse(debit) TCS at the time of deposit with Govt.
Credit TCS as liability at the time of Sale/receiving payment from buyer and reverse(debit) TCS at the time of deposit with Govt.
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