Journal entry for rental income.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 April 2014
Mr. A receives rent from X @ 55125. Service Tax is also charged on the same @ 12.36%.
Service Tax amounts to 6813 (6615+132+66).
What JE will MR. A pass for booking rental income if TDS @ 10% us 194IB is deducted by X on payment?
Service Tax amounts to 6813 (6615+132+66).
What JE will MR. A pass for booking rental income if TDS @ 10% us 194IB is deducted by X on payment?
Hitendra Jain
(Expert)
21 April 2014
For Booking of Rental Income
Mr. X A/C Dr. 61938
To Rent / Rent Receivable A/C 55125
To Service Tax Payable A/c 6615
To Education Cess Payable A/C 132
To SHE Cess Payable A/C 66
Being Rent for the period booked and service tax thereon provided for.
For Receipt and TDS
TDS on Rent A/c Dr. 5513
Cash / Bank A/c Dr. 56425
To Mr. X A/c 61938
Being Rent for the period received after deducting TDS.
For TDS A/c Set off
Provision for Tax A/c Dr. 5513
To TDS on Rent A/c 5513
Being Tax Liability reduced by TDS.
Mr. X A/C Dr. 61938
To Rent / Rent Receivable A/C 55125
To Service Tax Payable A/c 6615
To Education Cess Payable A/C 132
To SHE Cess Payable A/C 66
Being Rent for the period booked and service tax thereon provided for.
For Receipt and TDS
TDS on Rent A/c Dr. 5513
Cash / Bank A/c Dr. 56425
To Mr. X A/c 61938
Being Rent for the period received after deducting TDS.
For TDS A/c Set off
Provision for Tax A/c Dr. 5513
To TDS on Rent A/c 5513
Being Tax Liability reduced by TDS.
Rupesh Jain
(Expert)
21 April 2014
mr x dr 61938
to rent received 55125
to service tax payable1 12.36% 6813
then he rece ch.
bank 56425
tds receivable 5513
to x a/c
to tds receivable
service tax payable a/c Dr
to Bank a/c
to rent received 55125
to service tax payable1 12.36% 6813
then he rece ch.
bank 56425
tds receivable 5513
to x a/c
to tds receivable
service tax payable a/c Dr
to Bank a/c
Vishnu Saboo
(Expert)
21 April 2014
entries told by Mr Hitendra are correct, you may use TDS receivable a/c instead of TDS on rent.
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