Tax deducted at source
This query is : Resolved
22 September 2012
In case of NBFC, institutions, while paying them the installment (principal+interest), which is under an ECS facility, how should the entry of TDS on interest be done.
23 September 2012
Deduct TDS and provide the challan to them and they will refund the same to you.
Suppose ECS Interest is 3000/-
Interest Exp Dr. 3000
To NBFC 30000
NBFC Dr. 3000
TO BANK (ECS) 3000
NBFC Dr. 300
To TDS Payable 300
TDS Payable Dr. 300
To Bank 300
When NBFC paid you the amount deposit as tax then following entry will pass
Bank A/c Dr. 300
To NBFC 300
Suppose ECS Interest is 3000/-
Interest Exp Dr. 3000
To NBFC 30000
NBFC Dr. 3000
TO BANK (ECS) 3000
NBFC Dr. 300
To TDS Payable 300
TDS Payable Dr. 300
To Bank 300
When NBFC paid you the amount deposit as tax then following entry will pass
Bank A/c Dr. 300
To NBFC 300
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