Dear Sirs and Madams,
I have received rent after deduction of TDS.I showed the rent as income. and where I have to show the TDS on rent deducted from my rent income. Whether I show it as TDS exp and shown in Profit and loss A/c. or Should I show it as TDS refund A/c and take it in to balance sheet at current assets side.
Thanking you.
Venkat
Hi, accounting entry for Tds deducted on rent say for ex : 200000/- and Tds deducted 10% i.e Rs 20000
and net amount received is Tds 180000 is here :
Bank A/c 180000
TDS A/c 20000
To Rent A/c 200000
And Tds will be shown under the head current Assets And Can also be shown as advance tax .
Agreee with above shows as curreant asset
pls give me the tds certificate format in give to the broker & contractor
yes you can treat it as prepaid tax (current assets). when ever you paid tax ,credit the prepaid tax.
income tax a/c....Dr
To prepaid tax a/c....Cr
To cash or bank a/c......cr
these may be use full for u
CAclubindia
