Tds on salary
This query is : Resolved
Rahul Verma
(Querist)
03 June 2016
In our proprietorship firm, we already made payment of salary to employees through bank during Financial year 2015-16 without deduction of TDS. But in April we deduct TDS for whole year from the April month salary & filed tds return for the quarter ended in March. Now I want to know the exact treatment in tally how to present the effect TDS deducted & deposited. If I passed given below entry on 31.03.2016
Salary (Ram ) A/c Dr. (from tds amount )
To TDS Payable on salary
then we are claiming the excess deduction of salary during financial year 2015-16.
For example: Salary to Mr. Ram paid of Rs. 5,25,000 through bank during FY 2015-16. In the month of may from the salary of april month TDS of Rs.9700/- has been deducted & deposited. Now what will be the journal entry for this including there is Interest on late payment of TDS on this amount.
Give me solution as soon as possible.
Salary (Ram ) A/c Dr. (from tds amount )
To TDS Payable on salary
then we are claiming the excess deduction of salary during financial year 2015-16.
For example: Salary to Mr. Ram paid of Rs. 5,25,000 through bank during FY 2015-16. In the month of may from the salary of april month TDS of Rs.9700/- has been deducted & deposited. Now what will be the journal entry for this including there is Interest on late payment of TDS on this amount.
Give me solution as soon as possible.
Rahul Verma
(Querist)
09 June 2016
Any Expert can help me ??????
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on purchase of under construction property from a reseller
- UDIN ISSUE
- TDS on Fixed Assets purchased
- SALARY CAN BE CAPITALIZE
- Non filing of I T Returns
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
