TDS on accrued interest
This query is : Resolved
11 June 2009
Hi
customer invested 15 lacs FDR for one year @ 10.50% interest pa.,with HDFC Bank on 14-10-08
The bank deducted TDS Rs.9143/- & issued form 16A on accured interest Rs.80701/- during the fin.year 2008-09
+1500000+80701-9143 = closing bal.1577557
as at 31-3-09
Fin.year : 2009-10
but the fdr cancelled before due date ie., on 04-05-08. but gross interst earned only
Rs.67,200/-
Tax paid on 80701/- (during fy: 2008-09)
how can i make entries
customer invested 15 lacs FDR for one year @ 10.50% interest pa.,with HDFC Bank on 14-10-08
The bank deducted TDS Rs.9143/- & issued form 16A on accured interest Rs.80701/- during the fin.year 2008-09
+1500000+80701-9143 = closing bal.1577557
as at 31-3-09
Fin.year : 2009-10
but the fdr cancelled before due date ie., on 04-05-08. but gross interst earned only
Rs.67,200/-
Tax paid on 80701/- (during fy: 2008-09)
how can i make entries
11 June 2009
customer invested 15 lacs FDR for one year @ 10.50% interest pa.,with HDFC Bank on 14-10-08
The bank deducted TDS Rs.9143/- & issued form 16A on accured interest Rs.80701/- during the fin.year 2008-09
+1500000+80701-9143 = closing bal.1577557
as at 31-3-09
Fin.year : 2009-10
but the fdr cancelled before due date ie., on 04-05-09. but gross interst earned only
Rs.67,200/-
Tax paid on 80701/- (during fy: 2008-09)
how can i make entries
The bank deducted TDS Rs.9143/- & issued form 16A on accured interest Rs.80701/- during the fin.year 2008-09
+1500000+80701-9143 = closing bal.1577557
as at 31-3-09
Fin.year : 2009-10
but the fdr cancelled before due date ie., on 04-05-09. but gross interst earned only
Rs.67,200/-
Tax paid on 80701/- (during fy: 2008-09)
how can i make entries
11 June 2009
1)If method of accounting followed is accrual
In F.Y 2008-09
Accrued Interest A/c......Dr
TDS Receivable A/c........Dr
To Interest Income A/c
Then in F.Y 2009-10
Bank A/c..................Dr
Interest Income A/c.......Dr
To Accrued Interest A/c
2)If method of accounting is Cash
Directly in F.Y 2009-10
Bank A/c...............Dr
TDS Receivable A/c.....Dr
To Interest Income A/c
In F.Y 2008-09
Accrued Interest A/c......Dr
TDS Receivable A/c........Dr
To Interest Income A/c
Then in F.Y 2009-10
Bank A/c..................Dr
Interest Income A/c.......Dr
To Accrued Interest A/c
2)If method of accounting is Cash
Directly in F.Y 2009-10
Bank A/c...............Dr
TDS Receivable A/c.....Dr
To Interest Income A/c
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