accounting entry for TDS under GST and Income tax TDS
scenario : Chartered Accountant rendered professional services of Rs. 500000 and POS is intra state
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accounting entry for TDS under GST
Replies (8)
professional services expenses account DR 500000
input cgst account Dr xxxx
input sgst account Dr xxxx
To party account 500000+cgst+sgst
To Tds on professional charges account 500000*10%
input cgst account Dr xxxx
input sgst account Dr xxxx
To party account 500000+cgst+sgst
To Tds on professional charges account 500000*10%
sir where is tds under gst
TDS is not deductible over GST amount.
So, Transaction /Taxable value will be taken to deduct TDS.
So, Transaction /Taxable value will be taken to deduct TDS.
in this entry debit side total and credit side total does not match....
Mr. mahesh u can whatsApp me @ 8074442486 I can explain u in detail
Credit to party a/c is 5,00,000+CGST+SGST-TDS
the entry will be as follows
professional fees account Dr 500000
input cgst account Dr 45000
input sgst account Dr 45000
To party account 570000
To Tds on profession(194J) 10000
To Cgst TDS @ 1% 5000
To sgst TDS @ 1% 5000
here the gst rate is assumed as 9%cgst and 9%sgst.
professional fees account Dr 500000
input cgst account Dr 45000
input sgst account Dr 45000
To party account 570000
To Tds on profession(194J) 10000
To Cgst TDS @ 1% 5000
To sgst TDS @ 1% 5000
here the gst rate is assumed as 9%cgst and 9%sgst.
Dear Sir,
please tell me tds on gst journal entry & total number of journal entry for this
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