Accounting on tds provisons
This query is : Resolved
sudalay dhas
(Querist)
09 April 2016
Dear Experts,
Pls. let me understand below doubt.
We have made payment for Freight Charges Rs. 1,00,000. Invoice date : 05-04-2016. But this expenditure is related for the month of March-16. I have made provision accounting as below?.
31-03-2016 Freight Charges A/C Dr.100000
Freight Charges payable Cr. 100000
(being made provision.)
01-04-2016 Freight Charges Payable. Dr. 100000
Party A/c Cr 99,000
Tds 1% Non-Com Cr. 1000
Is it correct?
Kindly request you to all clear about it.
Pls. let me understand below doubt.
We have made payment for Freight Charges Rs. 1,00,000. Invoice date : 05-04-2016. But this expenditure is related for the month of March-16. I have made provision accounting as below?.
31-03-2016 Freight Charges A/C Dr.100000
Freight Charges payable Cr. 100000
(being made provision.)
01-04-2016 Freight Charges Payable. Dr. 100000
Party A/c Cr 99,000
Tds 1% Non-Com Cr. 1000
Is it correct?
Kindly request you to all clear about it.
CA Mehta Ankur N.
(Expert)
09 April 2016
No its Wrong
TDS Should be deducted in last year only & pay in last year only.
Because for TDS Rule is TDS To be deducted when you give payment or credit whichever is earlier.
TDS Should be deducted in last year only & pay in last year only.
Because for TDS Rule is TDS To be deducted when you give payment or credit whichever is earlier.
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KAVIRAJA ADDANGADI
(Expert)
09 April 2016
You can directly enter
Freight chgs. DR 100000/-
Party A/c or Freight payable CR 99000/-
Tds Payable. Cr. 1000/-
Book for March.
Freight chgs. DR 100000/-
Party A/c or Freight payable CR 99000/-
Tds Payable. Cr. 1000/-
Book for March.
Message likes :
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