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Indirect tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 June 2018 Bill issued by ABC LTD to Y LTD for professional services rendered of RS.331200 (including service tax @ 15%), cheque received from Y LTD after deducting TDS.

Kindly guide me about journal entry in the books of ABC LTD & Y LTD.

Regards
Bharti
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RAJA P M

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RAJA P M (Expert)
15 June 2018 From ABC Limited to Y Ltd :

(Entry in ABC Ltd at the time of Issued Invoice- Under Direct Income )

Dr. Y Ltd A/c - Rs. 331200
Cr. Professional Service A/c - Rs. 288,000
Cr. Service Tax A/c - Rs. 40320
Cr. Swachh Bharat A/c - Rs. 1440
Cr. Krishi Kalyan A/c - Rs. 1440

TDS Receivable Entry (U/s 194J as Professional Services) as

Dr. TDS Receivable A/c - Rs 28800
Cr. Y Ltd A/c - Rs. 28800

Payment Receipts :
Cr. Y Ltd A/c - Rs. 302400
Dr. Bank A/c - Rs. 302400
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Querist : Anonymous

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Querist : Anonymous (Querist)
15 June 2018 Thanks alot sir for providing answer
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