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How to make tds recievable entry

Amit Kumar (Accountant) (276 Points)

03 September 2013

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

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4 Replies

Rajesh Kumar Loya (student) (177 Points)
Replied 03 September 2013

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)
Replied 03 September 2013

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)
Replied 03 September 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

1 Like

The Dude (Specialist- Finance) (303 Points)
Replied 12 November 2013

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