Journal entry
This query is : Resolved
27 December 2014
I have a situation. the company has outsourced the work to BPO company. on behalf of client we had deducted income tax from the vendor who does business with our client. please assist the journal entry.
CA Kumar Mukesh
(Expert)
28 December 2014
In your case a Company has outsourced some works of their clients to outsiders. Then Entry will be.
At the time Income Accrue
Client A/c Dr
to professional receipt
To Service tax
At the time of receipt from the clients
Bank Dr.
To client
At the time TDS certificates received from clients
TDS receivable Dr.
To Client
At the time of expense booking, for outsider
Expenses A/c Dr.
Service Tax Dr (If any and eligible for cenvat credit)
To Vendor A/c
To Tds payable. (excluding Service tax)
At the time of making payment
Vendor a/c Dr
To bank
At the time Income Accrue
Client A/c Dr
to professional receipt
To Service tax
At the time of receipt from the clients
Bank Dr.
To client
At the time TDS certificates received from clients
TDS receivable Dr.
To Client
At the time of expense booking, for outsider
Expenses A/c Dr.
Service Tax Dr (If any and eligible for cenvat credit)
To Vendor A/c
To Tds payable. (excluding Service tax)
At the time of making payment
Vendor a/c Dr
To bank
Rupesh Jain
(Expert)
29 December 2014
you deduct the tds and make entry in books
vendor a./c
to TDs payable a/c
vendor a./c
to TDs payable a/c
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