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Journal entry for interest paid on tds

Others 14723 views 4 replies

Dear All.

 

I want to know journal entry for interest paid on TDS. Because we cannot treat it as expense so kindly provide me journal entry. 

Replies (4)

Interest on TDS Dr

To Bank A/c

For accounts, Interest is expense only but for the purpose of income tax, it is a disallowed expense.

Thank you for your reply.. then also tell me how to make entry that it will not show in P/L account for income tax purpose

DEAR SIR/MADAM,

PLEASE INFORMING THE PASS JOURNAL ENTRY & PAYMENT ENTRY FOR TALLY ERP9

*LATE FEE TDS INTEREST PAID *

ONLY PAYMENT ENTRY OR NOT.

JOURNAL ENTRY REQUIRED NECESSARY OR NOT.

HOW CAN LEDGER TALLY BOTH.

 

 

A Client provided mob and machinery advance to B as loan , 

on that loan he is charging 9% interest .

now he started recovering the same interest , is the interest applicable for Deduction of TDS , PS LET ME KNOW WHAT THE ENTRY TO BE PASS IN BOOKS


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