Plz guys need immediate reply

what is the entry for tds payables and tds receivables? need immediate reply

Replies (5)

Entry for TDS Payable

Assume : Invoice Amt. Rs.750/- and TDS - Rs. 85/-

Professional Charges         Dr.  750/-

To Bank                                                            665/-

To TDS Payable                                                 85/-

Entry for TDS Receivable

Bank                                  Dr.                    665/-

TDS                                     Dr.                     85/-

To Professional Income                                     750/-

I think you  understand!!!!!!!!!

 

1. TDS PAYABLE
 
For booking the Expenses & deducting TDS:
Expenses A/C Dr
To Vendor A/c
To TDS payable a/c
 
For making payment to vendor:
Vendor A/c Dr
To Bank A/c
 
Payment of TDS to Department:
TDS payable a/c Dr
To Bank A/c
 
 
2. TDS RECEIVABLE:
 
For booking the Income & deducting TDS:
Customer A/C Dr
TDS receivable A/c Dr
To Income A/c
 
For getting payment from Customer:
Bank A/c Dr
To Customer A/c
 
TDS received from Department:
Bank A/c Dr
To TDS receivable a/c
Originally posted by :Chellam
" what is the entry for tds payables and tds receivables? need immediate reply "


 

The entry for TDS payable will be

Exps        Dr

       To Bank

       To TDS Payable

And for payment of TDS

TDS payable

    To Bank

For TDS Receivable

Bank    Dr

TDS Receivable Dr

                   To Income

The amount of TDS receivable will get nullified at the time of assessment   

 

Plenty of  thanks 4 you all For helped in this regards.hope u do the same in future......

i am appearing for cs inter (new course) in december .....i need help ...i need soem notes..nd since its new course i dont have any idea about exam format nd weithage of chapters

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