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General query on accounts
We are a partnership firm. and doing trading of steel on Commission basis. We had raised our Bill to one of client for Rs. 44415/- towards commission to be paid by our client for sale of their products on 17.05.2016.We say client Did NEFT in our Partnership firm Account after deducting TDS @ 5% an amount of Rs. 42194.00 was credited in our account. What accounting entry should we pass in Tally ERP 9 Account. We understand that TDS should be deducted at the rate of 10% ( in place of 5%).Kindly advise what accounting treatment we should do now regarding TDS.
Replies (8)
From 1 June 2016, TDS rate has been revised from 10 to 5% for brokerage and commission. If party has deducted 5%, its is correct.
THANSK FOR YOUR REPLY . WHAT ENTRY SHOULD WE PASS IN TALLY ERP 9.
Commssion Dr
To Party Cr
To TDS on Commission/Brokerge Cr
Please free to call 9987840574 for any clarification
@ naresh, here commission is income for the person entry you gave is for expense
SIR I HAVE MADE FOLLOWING ENTRY IN TALLY ERP 9. SINCE THE AMOUNT HAS BEEN RECEIVED IN OUR STANDARD CHARTERED BANK SO I HAVE PASSED FOLLOWING ENTRY
AFTER PRESSING RECEIPT KEY IN TALLY,
SANDARD CHARTERED BANK A/C - 42194.00 DR
TDS RECEIVABLE A/C -DR - 2221.00 DR
TO COMMISSON RECEIVED A/C - CR - 44415.00 CR
IS THAT ENRY CORRECT?
Correct entry is
bank a/c....Dr 42194
tds receivable a/c....dr 2221
To commision income. 44415
tds recievable group it under current assets and commission income under direct income as your firm works on commission on trading
bank a/c....Dr 42194
tds receivable a/c....dr 2221
To commision income. 44415
tds recievable group it under current assets and commission income under direct income as your firm works on commission on trading
its correct rajesh
Apology for inconvenience...i have given entry for expense..Srujan has replies correctly for the income entry
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