Hai Experts;
A Software comapny is making below mentioned entry for service provided:
Dr. Customer
Cr. Service Tax Collected (12.36%)
Cr. Revenue
Once received the Cheque, entry would be;
Dr. Bank
Cr. Customer
Cr. TDS on consulting (10%)
Payment of Service Tax to Govt:
Dr. Service Tax Collected (12.36%)
Cr. Bank
whether these entries are enough for sales?
Also, once the TDS rcvd frm Customer, what we will do?
i can forward with thses entries?
Waiting an Expert opinion
You will Made TDS entry While Booking of Bill in Your Books of accounts not at the time of Receiving the payment........................... TDS so Deducted will be pay in Govt Account at 7th in Following Month.... and TDS return Filed Quarterly
Thanks for Reply
But, while recording sales, we are crediting service tax. Also, once receiving payment, customer will deduct tds and issuing TDS to us. So is there any relation betwwen these two.
Since customer is deducting TDS, they will make pymt to gvt.
Any experts can provide complete cycle for this business scenario?
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
