Reconciliation of Brokerage with TDS
This query is : Resolved
Manasa Ranjan Samal
(Querist)
25 August 2009
I have deducted TDS @10.3% from broker & deposited into Govt.A/c. The entry of TDS has been passed at the time of payment (but not at the time of due). Now the TDS amount on brokerage @10.3% is not being tallied with actual TDS deducting deposited. How I will reconcile the brokerage with TDS. If varied, then how it will be rectified?
03 September 2009
First you understand that TDS is not your expenses.
Create Following A/c
TDS Payable under Current Liability
(At the time of Deduction of payment
Party A/c Dr.
To TDS Payable a/c
And
At the time of Payment
TDS Payable A/c Dr.
To Bank/Cash A/c)
So, Go through this entry
Create Following A/c
TDS Payable under Current Liability
(At the time of Deduction of payment
Party A/c Dr.
To TDS Payable a/c
And
At the time of Payment
TDS Payable A/c Dr.
To Bank/Cash A/c)
So, Go through this entry
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