tds
This query is : Resolved
24 February 2017
interest on NBFC Already credited but TDS not deducted.Now I want to pay tds amount and getting tds refund from nbfc. then what is the journal entry.
24 February 2017
Debit NBFC
Credit TDS On interest
Credit TDS On interest
24 February 2017
I want step by step entry
24 February 2017
For collecting TDS
Bank Account Debit
Cr NBFC
For creating Liability
NBFC Dr
Cr TDS on Interest Payable
Making Payment
Dr TDS on interest payable
Cr Bank
Bank Account Debit
Cr NBFC
For creating Liability
NBFC Dr
Cr TDS on Interest Payable
Making Payment
Dr TDS on interest payable
Cr Bank
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