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Tally Entries

Gayathri (Accounts) (36 Points)

20 January 2021

in GSTR 3B table 3.1(d) - Inward supplies liable to reverse charge not auto populated and

shows variance

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Leena Raghuvanshi (106 Points)
Replied 21 January 2021

Hello Mr Fahim,
1. Interest on FD is usually taken under Capital account as its neither directly nor indirectly related to your business, the principal amount of FD is your excess savings and hence interest on that FD is your side income, henceforth to be recorded under the head capital account.
2. Again FD principal amount redeemed is your invested savings, FD A/c under the head Investments, whether long term or short term depending upon the time period after which it is redeemed, henceforth under the head Investments.
3. And TDS deducted is actually tax paid, out of your own pocket, meaning under the head 'Capital Account'.
Hope you understood the Concept.
Thanks & Regards,
RA.