Tds deducted by party on services rendered

A/c entries 353 views 2 replies

Dear all,

Please tell me under which head TDS ledger of TDS deducted by the Sundry debtor on the services offered by our company should be placed. For. E. G We  have raised a bill of

                                                            Rs. 1,06,800/- (Bill amount)

                                                           +        13,200/- (Service tax)

                                                           Rs.  1,20,000 (inclusive of service tax )

Now, Party paid us Rs. 109320/- after deducting 10 % TDS on professional charges. Now Rs. 10,680/- need to be put in TDS on professional services rendered Ledger. So, please tell me under which head should create a ledger of TDS on professional service whether under duties and taxes or -------- 

Replies (2)
tds should be shown under "loans and advances".

It should be under Current Assets

Name of the ledger should be TDS Receiveble


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