TDS

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janvi (Querist)
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18 January 2011 if tds is attracted on any transaction, but we have paid full amt to party. so now wt accounting entry we r going to pass for deduction of tds?(party is not refunding the money)

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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18 January 2011 Then you need book additional amount in the expenses :

Suppose the TDS rate is 2 % &
You have paid the party Rs. 30000/-

Then the gross amount will be : 30000/0.98
= 30612/-

& The TDS will be 30612/- X 2 % = 612/-

Now since the party is not refunding 612/-, you have to pay TDS from your pocket.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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24 February 2011 *********************

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