Dear Sir,
I am working with Property developer, Recently we sold one site and the purchaser has deducted TDS on Sales consideration, can we claim TDS and how will be accounting entry... Please guide.
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Tds
Replies (1)
The buyer has deducted TDS under section 194IA.
While filing your tax return, you shall claim credit for such TDS.
Accounting Entry
Bank A/c / Party A/c Dr
TDS A/c (asset) A/c Dr
To the relevant income A/c
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