Proprietor tds receivable entry

Hi Amit,

From which source you are receiving TDS? you credit that account instead of TDS Account.

Is it TDS on interest or commission? Nature of Receipts i was asking. 

then Credit the customer account and Debit the TDS Receivable Account.

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