Tds
This query is : Resolved
10 May 2014
security service charges - 18000
service tax - 2225
Total amount - 20225 bill issued
What will be the journal entry ?
and i paid the 19820 by deducting 2% tds (405)
What will be the payment entry ?
service tax - 2225
Total amount - 20225 bill issued
What will be the journal entry ?
and i paid the 19820 by deducting 2% tds (405)
What will be the payment entry ?
CA Parul Saxena
(Expert)
10 May 2014
you wrongly deduct TDS it should be deducted on Rs.18000 only @ 2% i.e.360.
Entry
Security service charges Dr...........20225
To TDS................................360
To Vendor.............................19865
Vendor Dr...............................360
To Cash/Bank.............................360
Entry
Security service charges Dr...........20225
To TDS................................360
To Vendor.............................19865
Vendor Dr...............................360
To Cash/Bank.............................360
Ganeshbabu K
(Expert)
10 May 2014
No tds applicable on servicetax if shown seperately
.
CBDT Circular 1/2004
.
However as u deducted 2%already deposit the same to dept and show in tds return
.1)journal entry
.
Dr.security chargesa/c 18000
Dr.servicetax a/c 2225
Cr.tds payable 194C 405
Cr.serviceprovider 19820
.
2)payment entry
.
Dr.serviceprovider a/c 19820
Cr.bank a/c 19820
.
CBDT Circular 1/2004
.
However as u deducted 2%already deposit the same to dept and show in tds return
.1)journal entry
.
Dr.security chargesa/c 18000
Dr.servicetax a/c 2225
Cr.tds payable 194C 405
Cr.serviceprovider 19820
.
2)payment entry
.
Dr.serviceprovider a/c 19820
Cr.bank a/c 19820
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