What should be the entry for TDS deducted by bank on Interest (FD)
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Dr. FD Account - Rs. 100
Dr. TDS on FD Interest - Rs 10
Cr. Interest on FD - Rs. 110
Dr. TDS on FD Interest - Rs 10
Cr. Interest on FD - Rs. 110
RAJA P M give a correct answer but remember FDR's are our assets and in case of TDS deducted, we will either apply for TDS refund or adjust it from its related financial year Income Tax Liability. So both will be shown in B/s Asset Side. Interest is our revenue & will be shown in P&L account.
Keep the same in mind when creating ledgers & posting the entries.
Thank you very much sir
You are welcome Mr Randhir.,
Also I agreed to Mr Ashish Kumar...
Also I agreed to Mr Ashish Kumar...
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