Entry in tally
This query is : Resolved
11 January 2014
Sir
I want to know the entry of points as under.
1. The co. has purchased a property in joint for say Rs.55L. The TDS has to be deposited by both parties is of Rs.55000/-(1/2)each. Now by mistake, the payment has been made in full of Rs55L by the buyers to the seller before tds deduction.
The seller has made the payment of TDS @1% on our behalf.
What will the entry in the books of the purchasers?
2. The property has been purchased in joint in equal proportion and one seller in joint. Now my point is how many TDS challans cum form 26QB to be filled 1,2 or 3 No's by the purchaser?
Kindly advise and reply.
Regards
Sanjay
I want to know the entry of points as under.
1. The co. has purchased a property in joint for say Rs.55L. The TDS has to be deposited by both parties is of Rs.55000/-(1/2)each. Now by mistake, the payment has been made in full of Rs55L by the buyers to the seller before tds deduction.
The seller has made the payment of TDS @1% on our behalf.
What will the entry in the books of the purchasers?
2. The property has been purchased in joint in equal proportion and one seller in joint. Now my point is how many TDS challans cum form 26QB to be filled 1,2 or 3 No's by the purchaser?
Kindly advise and reply.
Regards
Sanjay
11 January 2014
Hi
Property A/c Dr.. 55L
.. To Buyers A/c.. 54.45 L
.. To TDS payable.. .55k
Buyer A/c Dr..... 55L
.. To Bank A/c... 55L
TDS payable A/c Dr...55k
.. To Buyer A/c......55k
Thanks
Property A/c Dr.. 55L
.. To Buyers A/c.. 54.45 L
.. To TDS payable.. .55k
Buyer A/c Dr..... 55L
.. To Bank A/c... 55L
TDS payable A/c Dr...55k
.. To Buyer A/c......55k
Thanks
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
- CLOSING STOCK QUERY
- Sale of Mutual Funds In Diffirent Financial Years
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Missed TDS
- Error in uploading Form 10BD
- NRI INSURANCE ADVISOR
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- TDS on rent received on hardship compensation being rent on redevelopment of building
- CASH GIFT FROM BLOOD RELATIVE
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
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
