SIR, what are the entries requaired to pass when tax deducted at the time of payment and rendering it to the govt?
1 Replies
Deepak Gupta
(CA Student)
(15927 Points)
Replied 23 February 2012
| Originally posted by : dhanalakshmi | ||
 |
SIR, what are the entries requaired to pass when tax deducted at the time of payment and rendering it to the govt? |
 |
1) For deduction of TDS
Expense A/c...................Dr 100
To TDS Payable A/c......................10
To Party A/c..................................90
2) For Payment of TDS
TDS Payable A/c.............................Dr 10
Interest on Duties & Taxes A/c.........Dr. IF ANY
To Cash/Bank A/c..........................................................[10+Interest (If any)]
3) For Payment made to Party
Party A/c..................Dr 90
To Cash/Bank A/c....................90
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