Need clarification about entries of s.tax.
This query is : Resolved
Guest
Guest
(Querist)
15 December 2011
Hi All,
We have a Interior Designers Pvt Ltd. Co. in chennai. We do Interior Designers work for Corporate. We raise invoice/bill of huge amounts like 50lacs. when we raise invoice we charge S.Tax to our clients and when we received payments we received after deducting TDS. I want to know the proper entries of both the cases??
We have a Interior Designers Pvt Ltd. Co. in chennai. We do Interior Designers work for Corporate. We raise invoice/bill of huge amounts like 50lacs. when we raise invoice we charge S.Tax to our clients and when we received payments we received after deducting TDS. I want to know the proper entries of both the cases??
15 December 2011
at the time of billing
sundry debtors a/c dr ......zzzzz
to service provided ...............xxxxx
to service tax .....................xxxx
at the time of payment of service tax
service tax a/c dr ........xxxx
to cash / bank a/c .............xxxx
at the time of TDS/Payment
cash / bank a/c dr ..........xxxxx
Income tax (TDS) a/c dr ......xxxx
to Sundry debtors .................xxxxx
Incometax / TDS is to be set off with incometax liability of service provider after the finalization of accounts for respective AY
sundry debtors a/c dr ......zzzzz
to service provided ...............xxxxx
to service tax .....................xxxx
at the time of payment of service tax
service tax a/c dr ........xxxx
to cash / bank a/c .............xxxx
at the time of TDS/Payment
cash / bank a/c dr ..........xxxxx
Income tax (TDS) a/c dr ......xxxx
to Sundry debtors .................xxxxx
Incometax / TDS is to be set off with incometax liability of service provider after the finalization of accounts for respective AY
Guest
Guest
(Querist)
15 December 2011
Thanks for clarification...
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