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Tds

This query is : Resolved 
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(Querist)
16 April 2014 sir can you please provide me with entries of TDs from stage of deduction till payment and in both manner as deductor and deductee.
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CA Devanand Jethanandani

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CA Devanand Jethanandani (Expert)
16 April 2014 TDS entries,

1. In the books of deductor,

---When tax deducted,

Expense A/c. Dr.100
To TDS payable (say 10%) Cr. 10
To Party (Creditor) Cr. 90


---When TDS deposited,

TDS payable A/c Dr. 10
To bank Cr.10



2.) In the books of deductee,

Party (debtor) Dr.90
TDS Receivable (FY 20XX-XX) Dr.10
To sales / services Cr. 100


Regards,
Devanand
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Rupesh Jain

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Rupesh Jain (Expert)
17 April 2014 ANSWER GIVEN BY MR DEVANAND IS CORRECT
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