TDS procedure
This query is : Resolved
04 October 2019
Details procedure of Deducted TDS
Message likes :
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08 October 2019
TDS is applicable in various heads
1. TDS on salary income under section 192 of Income Tax Act
2. TDS on professional / technical services under section 194 J
3. TDS on rent under section 194 I
4. TDS on commission under section 194 H
5. TDS on contract udner section 194 C
6. TDS on foreign payment under section 195
The applicability and ceiling amount of expenses for TDS deduction to be seen in the concerned deduction.
Acoounting treatment
1. TDS payable ledger for each section ( Like TDS 192, TDS194C, TDS 194 J, TDS 194 H so on) is to be opened in book under the group current liability.
2. While accounting the expenses , the following entry to be passed
Expenses ( Net of GST) : Debit
TDS on only basic amount : Credit
Vendor / Creditor : Credit ( Invoice amount less TDS ) : Credit
3. The TDS to be accounted at the time of accounting or payment which ever is earlier.
4. The TDS deducted to be remitted on or before 7th of Succeeding month.
5. At the time of making payment, TDS account to be debited and bank account to ve credited
1. TDS on salary income under section 192 of Income Tax Act
2. TDS on professional / technical services under section 194 J
3. TDS on rent under section 194 I
4. TDS on commission under section 194 H
5. TDS on contract udner section 194 C
6. TDS on foreign payment under section 195
The applicability and ceiling amount of expenses for TDS deduction to be seen in the concerned deduction.
Acoounting treatment
1. TDS payable ledger for each section ( Like TDS 192, TDS194C, TDS 194 J, TDS 194 H so on) is to be opened in book under the group current liability.
2. While accounting the expenses , the following entry to be passed
Expenses ( Net of GST) : Debit
TDS on only basic amount : Credit
Vendor / Creditor : Credit ( Invoice amount less TDS ) : Credit
3. The TDS to be accounted at the time of accounting or payment which ever is earlier.
4. The TDS deducted to be remitted on or before 7th of Succeeding month.
5. At the time of making payment, TDS account to be debited and bank account to ve credited
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