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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Professional fees
Replies (5)
Is the value including GST...?
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
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??
Yes Sir, This 50000 is total amount of Invoice..
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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