TDS
This query is : Resolved
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)
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.
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.
24 February 2011
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