Ledger account for tds deducted by parties
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 July 2012
Sir,
If I receive a amount of Rs.50,000/- the party deducted TDS of Rs.5,000/-, in my account which ledger acount in under what group is to be created?
Thanks
If I receive a amount of Rs.50,000/- the party deducted TDS of Rs.5,000/-, in my account which ledger acount in under what group is to be created?
Thanks
Dintakurthi Tirumala
(Expert)
28 July 2012
Account name is TDS RECEIVABLE and the group is current Assets.
Entry is
Bank/cash a/c dr 45000
TDS Receivable a/c dr 5000
To Income a/c 50000
(Being particular income is received and TDS deucted)
Here Particular Income/Income means for which purpose you received the fee such as proffessional fee/service fee etc... what may be.
OM SAI SRI SAI JAI JAI SAI
Entry is
Bank/cash a/c dr 45000
TDS Receivable a/c dr 5000
To Income a/c 50000
(Being particular income is received and TDS deucted)
Here Particular Income/Income means for which purpose you received the fee such as proffessional fee/service fee etc... what may be.
OM SAI SRI SAI JAI JAI SAI
CA BHARATH KUMAR
(Expert)
28 July 2012
for what purpose you recieved amount?
if Any services -
TDS Rble under head of current asset
so j v
Bank/Cash A/c Dr 45000
TDS R'ble Dr 5000
To Profeesional Income(concernedA/c 50000
(under head - Direct/indirect Income)
if Any services -
TDS Rble under head of current asset
so j v
Bank/Cash A/c Dr 45000
TDS R'ble Dr 5000
To Profeesional Income(concernedA/c 50000
(under head - Direct/indirect Income)
MUTHULAKSHMI
(Expert)
18 June 2019
Income credit - 50000
Bank Debit - 45000
Tax deducted at source - 5000
Create the ledger under loans & Advances (Current Assets)
Bank Debit - 45000
Tax deducted at source - 5000
Create the ledger under loans & Advances (Current Assets)
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