Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Tds for advance payment

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2012 what will be the accounting entry for the tds to be deducted on advance payment?

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

18 September 2012 debit the party with full amount and credit bank and tds

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2012 I am sorry, but I forgot to mention that the payment is already been made to the party so for this situation what to do

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

18 September 2012 Gross up the advance amount with TDS and debit total gross amount to the party and recover while submission of bill and final payment, Incase full amount paid to party ask party to refund the amount of tds before accepting the bills

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now