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Professional fees

Vimarsh Patel (8 Points)

04 September 2019

We have received an GST Invoice of Rs.50000 from our port custom clearing agent.

Hor to make entry for it with TDS ???

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5 Replies

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 04 September 2019

Is the value including GST...?

Chirag Tandon (24 Points)
Replied 04 September 2019

Journal Entry
Expenses A/C Dr.
GST ITC Receivables A/C Dr.
To TDS Deductible A/C
To Clearing Agent A/C

1 Like

Vimarsh Patel (8 Points)
Replied 08 September 2019

Should we deduct tds in invoice entry?? Coz if we do that then how can we reconsile the account?? Can't we do saperate entry for TDS??

Vimarsh Patel (8 Points)
Replied 08 September 2019

Yes Sir, This 50000 is total amount of Invoice..

sabyasachi mukherjee (26043 Points)
Replied 16 September 2019

Pass this entry:
professional fees dr.
To A a/c
To tax liability a/c
on payment of the tax liabikity:
Tax Liability dr.
To Bank.cr.
On payment of professional fees:
A's A/c dr.
To Bank.

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