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journal entry for TDS
tds charges deduct tranportation
Fabricators submitted bill for Rs.250000/ for fabrication works.deduct 1 % tds on the bill...
Plz sir...how to pass entry in Tally and tell me the fabrication work is Direct expenses?
Cgst iput r out put difference
For Expenses Due,
Expenses A/c ......Dr
To Expenses Payable a/c
To TDS Payable a/c
For Payment of Expenses:
Expenses Payable ......Dr
To Bank a/c
For Payment to TDS:
Tds Payable A/c ........ Dr
To bank a/c
Hope this answers your question.
Kindly explain what is TDS receivable entry in tally?
ACCOUNTING ENTRIES RELATING TO TAX DEDUCTED AT SOURCE ON RECEIPT OF INCOME :
In the second part of this post, we are discussing accounting entries relating to the receipt of income & deduction TDS on it by the other party.
We are going to understand the entries with the help of example:
Following entry is passed:
Person A/c. Dr. 90000
TDS Receivable A/c. 10000
To Interest Income A/c. 100000
When we are receiving the interest income then following below mentioned entry is passed. After passing the entry the Party account becomes NIL.
Bank A/c. Dr. 90000
To the person A/c. 90000
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