Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 March 2013 I have one query that
While receiving the amount under contract basis from a particular party, that particular party pays the amount after deducting the TDS. Whether can we claim that deduction made by that party.How this TDS amount accounted in our books of accounts??
Is it shown as an asset?

Pls someboby reply me soon Its urgent.

BITTU SHARMA

BITTU SHARMA (Expert)
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18 March 2013 you should show this entry as per my view

when you book due entry

party a/c dr.
to sale/service name

when you receive payment

bank / cash a/c dr
tds a/c dr.

to party

and you should keep tds account under assets group

Querist : Anonymous

Querist : Anonymous (Querist)

18 March 2013 Which entry shall i pass for TDS exactly.

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