TDS Receivable Journal Entry

This query is : Resolved

Pooja (Querist)
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14 August 2024 Res/Sir, Madam,
As per form 26AS, Our Debtor has deducted TDS under 194Q, kindly explain how its TDS receivable journal Entries.
Thanks you..

Regards,
Pooja

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 August 2024 Dr. Tax provision..
Cr. Debtor.

Pooja

Pooja (Querist)
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15 August 2024 Thank you Sir, for your reply, but sir after making this entry instead our liability is arise in Debtor Ledger. even TDS Receivable is our Assets.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 August 2024 The liability is adjusted against the payment receivable. When the payment was received for the goods sold it was short to the extent of TDS deducted.
TDS is receivable, and hence it is posted to Tax provision.

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