Fixed deposite and tds treatment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2013
can anyone explain fixed deposite and tds with an example .....
my simple ex. suppose i start my b'ness with 100000 cash my entry will be
cash a/c dr 100000
to capital 100000
now suppose i invested rs.50000 in fdr having ROI @ 12% on 1/7/2012
fdr a/c dr 50000
to cash 50000
now come the question of accured interest of 9 month and its treatment
if i dr accured interest than what should i cr...
my simple ex. suppose i start my b'ness with 100000 cash my entry will be
cash a/c dr 100000
to capital 100000
now suppose i invested rs.50000 in fdr having ROI @ 12% on 1/7/2012
fdr a/c dr 50000
to cash 50000
now come the question of accured interest of 9 month and its treatment
if i dr accured interest than what should i cr...
04 June 2013
Interest account should be credited
04 June 2013
Accrued Interest Account Dr Rs 4500
To Interest A/c Rs 4500
Here TDS will not be deducted by the bank since threshold limit of Rs 10000/- is not crossed. Had TDS been deducted entry would have been--
Accrued Interest Account Dr Rs 4050
TDS Receivable A/c Dr Rs 450
To Interest A/c Rs 4500
To Interest A/c Rs 4500
Here TDS will not be deducted by the bank since threshold limit of Rs 10000/- is not crossed. Had TDS been deducted entry would have been--
Accrued Interest Account Dr Rs 4050
TDS Receivable A/c Dr Rs 450
To Interest A/c Rs 4500
04 July 2013
Yes Interest a/c with gross then debit to bank and TDS
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
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Value of property in capital gain
- Copyright software
- Multiple trade mark
- Transporter Declaration form
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- LC charges in relation to Asset purchased should be Capitalised ?
- Regarding TDS Applicability For Director Remuneration
- Filing of MSME 1 form by companies
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
