TDS on payment made on our behalf
This query is : Resolved
Mukesh Agarwal
(Querist)
13 September 2008
If a person made payment on our behalf to contractor & deduct tds. Is there any liability on us towards deduction of tds on payment made to person who has payment made on our behalf.
13 September 2008
No, but for proper accounting entries in the books of acount.
Mukesh Agarwal
(Querist)
13 September 2008
What accounting entry we will pass.
CA Nitin Wadhwani
(Expert)
15 September 2008
Take An Example
Suppose B Makes Payment of Profeesional Fees of 9000 after Deducting 1000 as TDS.
on behalf of A To C.
In The Books of C
1)Bank A/c.......................Dr 9000/-
TDS On Profession A/c..........Dr 1000/-
To Professional Fees A/c 10000/- or
To A's A/c 10000/-
In the Books of B
2)A's A/c................Dr 9000/-
To Bank A/c 9000/-
In The Books Of A
3)Professional Fees/C's A/c....Dr 10000/-
To B's A/c 9000/-
To TDS On Professional 1000/-
Suppose B Makes Payment of Profeesional Fees of 9000 after Deducting 1000 as TDS.
on behalf of A To C.
In The Books of C
1)Bank A/c.......................Dr 9000/-
TDS On Profession A/c..........Dr 1000/-
To Professional Fees A/c 10000/- or
To A's A/c 10000/-
In the Books of B
2)A's A/c................Dr 9000/-
To Bank A/c 9000/-
In The Books Of A
3)Professional Fees/C's A/c....Dr 10000/-
To B's A/c 9000/-
To TDS On Professional 1000/-
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