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
Check out from above link.
Check out from above link.
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,
Message likes :
1 times
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
Check out from above link.
Check out from above link.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR selection for salaries and capital gain less than L
- NRE Interest Income applicability
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Query regarding TDS on EPFO Higher Pension Arrears*
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
