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TDS

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(Querist)
19 March 2009 What is TDS. And how it is treated in the final accounts.
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Tushar Yerawar

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Tushar Yerawar (Expert)
19 March 2009 TDS stands for Tax Deducted at source.

Any person need to deduct the tax @ specified rate at the time of payment or credit whichever is earlier.

The tax so deducted needs to be remitted to government within due date specified for respective section.

Section 192 to 206B deals with TDS.


The accounting treatment is as follows.

At the time of deduction of tax

Expense Account Dr.
To Creditor A/c
To TDS A/c.(This is a liability)

At the time of payment of TDS to govt.

TDS Account Dr.
To Bank Account.
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