Tds

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2014 I am self employed in business and i have prepared P&L and B/s of my business but i have 1 query that in F.Y. 2012-13 TDS of Rs. 91000/- was deducted on my income by principal who has given me contract of work. I was shown that TDS in B/s of F.Y. 2012-13 on asset side. In july, 2013, i had filed my I.T. Return and tax paid Rs. 78000/- and Rs. 13000/- is to be received as refund. So i want ask in what manner i should take the entries of these transactions in my books of a/c. Plz reply fast.....

CA P K AGRAWAL

CA P K AGRAWAL (Expert)

21 August 2014 Your Accounting entry will be :-
Capital/Drawings Account Dr. 78000
Cash Account Dr. 13000
To TDS [Assets/Receivable] 91000

Intt. on TDS if any will be your other source income and this 78000/- will be deducted from your Capital Account

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2014 Thanx sir. I just want to ask that the entry of tds shown by me in balance sheet of F.Y. 2012-13 was right or wrong.
will u guide me by passing correct entry of tds. plz....

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