when TDS deducted from me how do I account for tds (deductee point of view) and how should I close the entry at end of the year
for instance,
suppose iam contractor, I have performed the contract and paid bill to me after deducting tds @ 2.266% on Rs100000
bank a/c Dr 97734
tds receivable a/c Dr 2266
To deductor A/c 100000
how I should close the tds receivable a/c at the end of the year
Tds receivable should be adjusted against the tax liabilthy or provision for taxation.
For example if the tax liability is Rs.5000/, then the following entry is passed
Income tax a/c Dr. 5000
To TDS receivable 2266
To Provision for tax a/c 2734
If there is no tax liability at the end of the year, then the following entry is to be passed
Income tax refund a/c dr. 2266
To TDS receivable a/c 2266
PLZ SEND ME IN EXCELL FORMAT TO CALCULATE THE TDS AMT. & CACULATE THE ALL RETURN .
PLZ SEND ME ALL IN EXCELL FORMAT TO CALCULATE THE INCOME TAX RETURNS & BALANCE SHEETS.
REGARDS
VIJAY BATRA
E-MAIL: vjay.batra @ yahoo.co.in
CAclubindia
