Tds
This query is : Resolved
06 December 2014
Plz help:-
Question:
If we get any Income after deducting TDS on the amount, what will be the journal entries when;
a. Receiving the amount
b. reimbursement of TDS from Govt.
Question:
If we get any Income after deducting TDS on the amount, what will be the journal entries when;
a. Receiving the amount
b. reimbursement of TDS from Govt.
06 December 2014
a) Say Income is Rs 100 and TDS is Rs 10
Bank A/c Dr Rs 90
TDS Receivabe A/c Dr Rs 10
To Income A/c Rs 100
2) If the Tax Liability is NIL and the entire TDS is refundable then.
After filing return--
Income Tax Refund for AY.....A/c Dr Rs 10
To TDS Receivable A/c Rs 10
When refund is credited in bank--
Bank A/c Dr Rs 10
To Income Tax Refund for AY ...A/c Rs 10
Bank A/c Dr Rs 90
TDS Receivabe A/c Dr Rs 10
To Income A/c Rs 100
2) If the Tax Liability is NIL and the entire TDS is refundable then.
After filing return--
Income Tax Refund for AY.....A/c Dr Rs 10
To TDS Receivable A/c Rs 10
When refund is credited in bank--
Bank A/c Dr Rs 10
To Income Tax Refund for AY ...A/c Rs 10
06 December 2014
THANKS A LOT FOR YOUR INFORMATION
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