Diff b\w tds and tcs
This query is : Resolved
22 April 2013
Dear sir
What is the difference between TDS and TCS
and the way of Accounting for both
Thanks
What is the difference between TDS and TCS
and the way of Accounting for both
Thanks
22 April 2013
https://www.caclubindia.com/experts/diff-between-tds-n-tcs--1078304.asp#.UXUNN6IxGAc
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22 April 2013
For TDS: (Say Bill amount Rs 100 and TDS 10%)
1) Expenses A/c Dr Rs 100
To TDS Payable A/c Rs 10
To Party A/c Rs 90
2) Part A/c Dr Rs 90
To Bank A/c Rs 90
3) TDS Payable A/c Dr Rs 10
To Bank A/c Rs 10
For TCS: (Say Sale amount Rs 100 and TCS 10%)
1) Party A/c Dr Rs 110
To Sales A/c Rs 100
To TCS Payable Rs 10
2) Bank A/c Dr Rs 110
To Party A/c Rs 110
3) TCS Payable A/c Dr Rs 10
To Bank A/c Rs 10
1) Expenses A/c Dr Rs 100
To TDS Payable A/c Rs 10
To Party A/c Rs 90
2) Part A/c Dr Rs 90
To Bank A/c Rs 90
3) TDS Payable A/c Dr Rs 10
To Bank A/c Rs 10
For TCS: (Say Sale amount Rs 100 and TCS 10%)
1) Party A/c Dr Rs 110
To Sales A/c Rs 100
To TCS Payable Rs 10
2) Bank A/c Dr Rs 110
To Party A/c Rs 110
3) TCS Payable A/c Dr Rs 10
To Bank A/c Rs 10
22 April 2013
Thank You Sanjay sir nice , but still i have doubt
why we have to pay Rs 110 for the party and Rs 10 tax in TCS
why we have to pay Rs 110 for the party and Rs 10 tax in TCS
22 April 2013
Please see Bank A/c is Dr so we are getting the amount from party. Rs 100 for sale and Rs 10 as TCS collected which we are paying,
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23 April 2013
Thank You
On what type of payments TCS has been collected.
For Example TDS on salaries and rent
On what type of payments TCS has been collected.
For Example TDS on salaries and rent
23 April 2013
https://taxindia.pz10.com/2013/04/tds-rate-chart-fy-2013-14-tcs-rate.html
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