Tds for book entry
This query is : Resolved
27 March 2013
A firm is paying rent to its partners in the year end after deducting TDS.Partners will invest the same in business as capital.In this situation whether book entry is sufficient or actual payment and receipt entry through bank is necessary? If only book adjustement is making whether there will be any issue of TDS?
Dintakurthi Tirumala
(Expert)
27 March 2013
The book entry is sufficient and TDS issue also applicable pass the following entry to effect the above transaction.
Rent a/c dr
To Partner's capital a/c(With after TDS amount)
To TDS deducted a/c(With TDS amount)
At the time of payment of TDS to government
then
TDS deducted a/c(with TDS amount) dr
TO bank/cash a/c(with TDS amount)
And issue TDS certificate to the partner.
OM SAI SRI SAI JAI JAI SAI
Rent a/c dr
To Partner's capital a/c(With after TDS amount)
To TDS deducted a/c(With TDS amount)
At the time of payment of TDS to government
then
TDS deducted a/c(with TDS amount) dr
TO bank/cash a/c(with TDS amount)
And issue TDS certificate to the partner.
OM SAI SRI SAI JAI JAI SAI
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