Accounts
This query is : Resolved
23 July 2015
If we are receiving fees from 1 client and who is deducting tds so how to book the bill?
i have done it this way
Client dr.
to income
to tds
bank dr
to client cr
is it correct?
tds is on profesisonal fees so can i adjust it with the tds paid on professional fees? as in can i put this also under current liabilities - duties and taxes?
i have done it this way
Client dr.
to income
to tds
bank dr
to client cr
is it correct?
tds is on profesisonal fees so can i adjust it with the tds paid on professional fees? as in can i put this also under current liabilities - duties and taxes?
23 July 2015
As you can eligible to adjust the same , it will be asset for you hence the entry will be,
Bank A/c Dr
TDS receivable A/c Dr
To Fee A/c
The same to be shown in asset side , will adjusted on assessment.
Bank A/c Dr
TDS receivable A/c Dr
To Fee A/c
The same to be shown in asset side , will adjusted on assessment.
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