Tds on advance payments to vendors
This query is : Resolved
07 April 2013
There is one vendor XYZ for our company who has been engaged for interior decoration. The total estimated cost of renovation comes to Rs. 2lakh. The payments were being given as Rs. 50000 as n when part of work was finished (with TDS deduction). My question here is at time of last n final payment to vendor do we need to show deduction of Tds against the booking of bill. Im getting confused a little. Kindly help with an entry
26 April 2013
Whenever you make payment, debit the vendor with (Net Amount Paid + TDS). Finally when the Bill is received : Debit Expense a/c, Credit the Vendor A/c with Total Bill amount (ie, gross amount before deducting TDS). No need of deduction of TDS, as TDS has already been deducted on Payment basis.
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