Accounting treatment of tds

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Querist : Anonymous

Querist : Anonymous (Querist)

09 March 2014 SUPPOSE IF AM RUNNING A FIRM AND DEDUCTING MY EMPLOYEES TDS FORM THERE SALARIES.HOW DO I SHOW IT IN MY P/L A/C..THE FULL AMOUNT INCLUDING TDS OR THE AMOUNT LESS TDS IN MY PL A/C AND ALSO WHERE DO I SHOW THE THIS ADJUSTMENT IN BALANCE SHEET ?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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09 March 2014 Salaries need to show in the p&l gross only. TDS adjustment need to calculate in the balance sheet payable

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CA Surendra Bhatt (ACA,DISA)

CA Surendra Bhatt (ACA,DISA) (Expert)
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09 March 2014 Reply to your query in example form.

Suppose Salary of employee is Rs.100/- and TDS is Rs.10/-
Accounting Entry :-

Salary A/c ( P & L ) Dr. 100
To Cash/Bank 90
To TDS (BS- Liability) 10

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Querist : Anonymous

Querist : Anonymous (Querist)

09 March 2014 thnks sirs,Sir and also while computing the income tax i should deduct this tds from the tax payable rite???

Nikhil Kaushik

Nikhil Kaushik (Expert)
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10 March 2014 not against your tax payable.

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