Tds on rent
This query is : Resolved
Chandra Chethan G
(Querist)
18 June 2016
There are 3 person Mr.A Mr.B & Mr.C. Mr. A gives premises on rent to Mr. B. but Mr.C pays rent on behalf of Mr.B. So what will be the Accounting entry in all the 3 individual books including TDS effect
Also who has to deduct TDS
Also who has to deduct TDS
Rupesh Jain
(Expert)
18 June 2016
rent liablity of the tenant but you are pay amount to some one then you have to debit to B a/c and to be recover the amount .
in A books
cash/bank a/c
Tds receivable a/c
to rent received
in B books
rent exp.
to C a/c
in c books
B a/c
to Bank/cash a/c
to Tds payable
in A books
cash/bank a/c
Tds receivable a/c
to rent received
in B books
rent exp.
to C a/c
in c books
B a/c
to Bank/cash a/c
to Tds payable
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