TAX CONSULTANT
109 Points
Joined December 2009
First you have to recognize your receivable amount on the basis of Invoice issued.
For Eg.
If you raised Invoice for Rs. 1000 on your client toward your service provided.
Then 1st entry will be
Client A/c Dr. Rs.1000
To Services / Sales Invoice 1000
(Invoice issue for provision of service).
Now, for eg. Rs. 100 deducted by your client (assuming professional service u/s 194j) against same Invoice which come to your knowledge on the basis of Form 26AS.
then 2nd entry for TDS.
TDS Receivable Dr. Rs. 100
To Client A/c. Rs. 100
(TDS receivable recognized as per form 26AS)
After that when you receive payment from your client against same Invoice.
Then entry for Payment receipt.
Bank/Cash A/c. Dr. Rs. 900
To. Client A/c. 900
(Payment received from client after deduction of TDS by him)
Hope, I able help you
Thanking You