Dear All,
Can anyone tell me about TDS concept with examples and Journal entry...Pls its very urgent
Bye
3 Replies
CA. Dashrath Maheshwari
(TaXpert)
(15108 Points)
Replied 13 October 2007
Tds is Income Tax Deduction as source from some specified payments. the entry for which is as under:(On the date of payment or credit, whichever is earlier)
If the payment date is first:
Party a/c Dr. (Full Bill Amount)
To TDS (Tax Amount)
To Bank/Cash (Payment amount)
if the credit date is first:
Expenses a/c Dr
To Party a/c
To TDS a/c
(Guest)
TDS concept is just deduction from payments made in certain cercumstances such as payments to professional, contractors etc.. the rates of tds are prescribed. to claim deduction of expences tds must be deducted. the entry of the tds is simple , while making the payment whole amount should be debited to party a/c and credit the actual payment (bank or cash)+TDS payable accout for tds amount(for tds amount
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