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Ledger account for tds deducted by parties

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Querist : Anonymous

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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
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Dintakurthi Tirumala

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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
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CA BHARATH KUMAR

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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)
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MUTHULAKSHMI

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MUTHULAKSHMI (Expert)
18 June 2019 Income credit - 50000
Bank Debit - 45000
Tax deducted at source - 5000
Create the ledger under loans & Advances (Current Assets)
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