Journal entry for tds on commission received

1)  Entry to be pass at the time of making provision of commission

     Commission Receivable from XYZ Ac. Dr. 990.00

      TDS Receivable Ac. Dr. 10.00

      To Commission Received Ac. 1000.00

2)  Entry to be pass at the time of commission Received actually

     Cash / Bank Ac. Dr. 990.00

     To Commission Receivable Ac. 990.00

3) Entry to be pass at the time of Settlement of  account  (Against credit payment of Creditors)    

    XYZ Ac. Dr. 990.00

    To Commission Receivable Ac. 990.00

4) Entry to be pass at the time of Received of TDS Amount from IT Dept.

   Bank Ac. Dr. 10.00

   To TDS Receivable Ac. 10.00

1.while booking income  

  XYZ          990

     TDS receivable        10

             To Commission Received

2.   while amt received

  Bank/cash        990

     To XYZ                   990

3. WHILE ADJUSTING tdS

Tax Payable       10

    To  TDS receivable      10

4. if no tax liability then while reciving refund from IT

Bank /Cash                 10

  To  TDS receivable      10

Originally posted by : Hemant Kumar
	1)  Entry to be pass at the time of making provision of commission      Commission Receivable from XYZ Ac. Dr. 990.00       TDS Receivable Ac. Dr. 10.00       To Commission Received Ac. 1000.00   2)  Entry to be pass at the time of commission Received actually      Cash / Bank Ac. Dr. 990.00      To Commission Receivable Ac. 990.00   3) Entry to be pass at the time of Settlement of  account  (Against credit payment of Creditors)         XYZ Ac. Dr. 990.00     To Commission Receivable Ac. 990.00   4) Entry to be pass at the time of Received of TDS Amount from IT Dept.    Bank Ac. Dr. 10.00    To TDS Receivable Ac. 10.00

Suppose, ABC Engineers do not receive commission neither in cash nor in bank, if it is only accont settlement, suppose XYZ is a creditor to ABC for Rs.2,000, and also debtor for Rs.1,000, if we pass this entry, only Rs.990 is debited to XYZ a/c though ABC Engineers provided Rs.1,000 worth of services, then how difference of Rs.10 is adjusted?

in case of account adjustment, u can set off the balance of XYZ (creditor) with the balance of XYZ ( Agent). its just squared off the ledger through account adjustment entry instead of cash entry.

the entry should be as under:-

XYZ Ltd. (Creditors) Dr. 990

To XYZ Ltd. (Agent) 990

Dear Sir,

I had claim Rs. 1000/- for TDS refund for the financial year 2012-13. But IT department paid the value with interest of the financial year 2014-15. How can adjust the same? kindly advice...

Dear Sir,

I paid Rs. 500000/- to xyz for power of attorney of land. How can entry pass in accouts.. kindly help me....

regards,

RAJU

Suppose ABC Ltd has received interest on commission through bank after deducting TDS @ 10% on a total commission incoe of Rs 70000. What entry do one need to pass while booking the income received through bank. Can the TDS paid be adjusted with the TDS payable by ABC Ltd.