How to pass tds entry on cash withdrawal

This query is : Resolved

Santhosh Kumar (Querist)
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24 March 2020 hi sir,

this is santhosh from hyd i need one help this current year from our company 1 crore above cash withdrawal-ed by bank they are deducted 2% tds how to pass tds entry on cash withdrawal in tally pls do help

Eswar Reddy S

Eswar Reddy S (Expert)
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24 March 2020 Hi, is the Tds seperately debited from bank account? If yes then Tds Asset -2019-20 FY A/c Dr To Bank

Spurto Consultancy Services

Spurto Consultancy Services (Expert)
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24 March 2020 Cash A/c Dr.
TDS A/c Dr.
To Bank A/c

TDS A/c should be grouped under Asset.

Eswar Reddy S

Eswar Reddy S (Expert)
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26 March 2020 But when cash and bank both comes in an entry then it will be contra entry and Tds can't be passed in the same entry in practice

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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05 May 2020 We can tweak Tally ERP a littile to get the CONTRA Entry posted with TDS Effect otherwise we can also post the entry as Journal Voucher.

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