We have received an GST Invoice of Rs.50000 from our port custom clearing agent.
Hor to make entry for it with TDS ???
5 Replies
RAJA P M
("Do the Right Thing...!!!")
(128101 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
Expenses A/C Dr.
GST ITC Receivables A/C Dr.
To TDS Deductible A/C
To Clearing Agent A/C
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??
sabyasachi mukherjee
(27734 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.
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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