Tds & entry

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 March 2014 Sir,
I have paid professional fees rs.2.52.810/-
after deduction of TDS
he was suppose to make billing Rs.2,50,000/-plus service tax but i had made payment but still not received his bill

i am confused now that how do i make Journal entry for his TDS.

i just made his payment entry i.e. rs. 2,52,810 after deduction of TDS.10%.

Pl suggest

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

20 March 2014 u must book entyr on gross basis i.e including servcie tax portion...

Querist : Anonymous

Querist : Anonymous (Querist)

20 March 2014 Sir,
how wold be the entry?
could you pl show me how it is as per rule.
Thanks

CA Jitender Sharma

CA Jitender Sharma (Expert)

20 March 2014 1. Party a/c dr ( net of tds amt)
To bank ( net of tds amt)
2. party A/c Dr (tds amount)
to tds payable a/c (tds amount)

on receiving of bill

1. service tax recoverable dr 2810
Profeesinal fees dr 250000
to Party a/c 252810
(if st credit is taken othewise it will added to exp only)

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