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How to book bill & tds working amt

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This query is : Resolved

Asha (Querist)

06 May 2014 Hello Sir,
i want to book bill of freight which amt Rs. 28712.20 now. party has charged 2000 excess now ready to give Credit note but after payment made. but my question is How to Book Bill of rs. 28712.20 & TDS applicable on which amt after deduction or actual bill amt Rs. 28712.20.
Pls guide with Accounting entry with amt.

normally we book entry
Freight Ac DR
to Party Ac CR

Tds deduct @ the time of Payment
Regards
Asha
pls mail me your answer on aasha2903@gmail.com
waiting for your reply.....

Guest

Guest (Expert)

06 May 2014 if u calculate tds at the time of payment.. it should b on the actual paid ..

so in your case it will b on full amount then u will get credit note na...

or if u pay lesser amount than tds on the lesser amount..

but my question to you... TDS deduction is done at the time of entry or payment whichever is earlier... so if u book the entry today tds liablity will b created... so if u book with full amount you have to deduct tds and create liablity on the full amount i.e.28712

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