How to make tds recievable entry

TDS 1191 views 4 replies

Amit Kumar

Accountant

276 Points Joined May 2011

Dear All,

I would like to know that we deals in e-commerce company like HS-18, Snapdeal These company work on commission basis job they take order and transfer on our panel and we send the product to the customer but they collect the payment from the customer through courier company and online and they give us payment after deduction the commission we calculate TDS according the section and nature of payment for the party and pay it government body after giving the TDS 16A non salary Certificate then they refund us TDS amount now please tell me what are the necessary Entry have to pass all accounting process of TDS Related

Thanks in Advance

Amit Kumar

Replies (4)

Rajesh Kumar Loya

student

177 Points Joined July 2010

Dear Amit,

For Commission,

1. Comission A/c...........Dr

To Party A/c

To TDS PayableA/c

2. TDS Payable A/c........Dr

To Bank A/c

(when TDS is paid)

For your product sale

1.Debtors A/c...........Dr

TDS Receivable A/c..Dr

To Sales or Income A/c

Sanket Gada

Sr. ERP Consultant & Tax Consultant

241 Points Joined October 2009

Dear Amit, For Commission,

1. Comission A/c...........Dr

To Party A/c To TDS PayableA/c

2. TDS Payable A/c........Dr

To Bank A/c (when TDS is paid)

For your product sale

1.Debtors A/c...........Dr

TDS Receivable A/c..Dr

To Sales or Income A/c

S.R.Associates

Tax & Investment Consultants

115 Points Joined August 2013

Party A/c-Dr

To Sales

(At the time of sale)

Bank A/c-Dr

Commission A/c-Dr

To Party A/c

(Amount received reduced by commission)

Party A/c-Dr

To TDS Payable

(Entry for TDS Payable

TDS Payable-Dr

To Bank

(TDS Paid to Govt.)

Bank A/c-Dr

To Party A/c

(TDS amount received from party)

Though I am agree with Ramesh Kumar Loya,I differ at the point of opening seprate ledger of TDS Receivable.

S.R.Associates

Tax & Investment Consultants

https://www.facebook.com/pages/SRAssociates/600829063295496

srassociates0713 @ gmail.com

9685595760

The Dude

Specialist- Finance

303 Points Joined January 2009

Originally posted by : Sanket Gada
	Dear Amit, For Commission, 1. Comission A/c...........Dr To Party A/c To TDS PayableA/c 2. TDS Payable A/c........Dr To Bank A/c (when TDS is paid) For your product sale 1.Debtors A/c...........Dr TDS Receivable A/c..Dr To Sales or Income A/c