XYZ bank raise the bill to ABC co. against overdraft facility. how to pass entry and we can deduct TDS.
as per my knowledge no need to deduct TDS but kindly suggest
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Bank overdraft entry
Replies (4)
No need to deduct tds
payment entry
Dr Processing Charges / Bank Charges
Cr XYZ Bank
payment entry
Dr Processing Charges / Bank Charges
Cr XYZ Bank
If it is bank then no need to deduct tds but if it is nbfc then tds to be deducted on processing fees u/s 194A
Tds is not àpplicable as per Sec 194 C
XYZ bank raise the bill to ABC co. against overdraft facility. how to pass journal entry.
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