Tds

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Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2012 Dear All
Can any one clear about tds entry.
ex: If we are receiving a payment from a vendor we just Dr the Party and cr Tds certificate collectible after while seeing the 26 as we came to know that the vendor is deposited the tds. then what entry should be posted in tally ?
eg: TDS certificate received Dr
Tds certificate collectible Cr
The above entry is correct ? both the ledger are under a same group ie., Deposits . Pls clarify it
Regards
Naveen

CA PARTH SHAH

CA PARTH SHAH (Expert)
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24 April 2012 YOUR QUESTION SEEMS TO BE WRONG. WHEN YOU RECIEVE PAYMENT FROM VENDOR THEN PARTY WILL BE CREDITED AND NOT DEBITED.

SO COREECT ENTRY WILL BE
BANK/CASH AC DR
TDS RECEIVABLE ACCOUNT DR
TO PARTY ACCOUNT

HEAD OF THE TDS RECEIVABLE ACCOUNT WILL BE LOANS & ADVANCE AC

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Querist : Anonymous

Querist : Anonymous (Querist)

25 April 2012 Hi sir
Thanks for your prompt reply.Pls advice
We came to know that after seeing the 26AS statement that the vendor is filed the TDS which is deducted from us then what entry we have to post it....?
TDS received Dr
TRS Receivable a/c Cr
this is right ?
Rgs
Naveen

CA PARTH SHAH

CA PARTH SHAH (Expert)
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25 April 2012 FROM YOUR QUESTION IN THINK THAT YOU HAVE NOT YET RECIEVED PAYMENT FROM THE VENDOR.

IF SO ENTRY WILL BE TDS RECEIVABLE DR
VENDOR ACCOUNT
AMOUNT WILL BE TDS DEDUCTED AS PER 26AS STATEMENT.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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11 May 2012 No entry is passed after confirming deposit of TDS in Form 26AS.

There is no such thing as TDS certificate receivable.

Only transactions which have a FINANCIAL IMPACT are recorded in books of accounts.

TDS receivable will appear in your books and this will later on be set off against provision for Income Tax.

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