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Tds entry.
hi, we have deducted Amazon, Google and Facebook tds and later we received tds back from them, how we can enter tds deduction and received entry.
Replies (4)
Quick Summary
For payment
TDS a/c dr
to TDS payable a/c
TDS payable a/c dr
to Bank a/c
For receipt
TDS Receivable a/c dr
to TDS a/c
Bank a/c dr
to TDS Receivable a/c
TDS a/c dr
to TDS payable a/c
TDS payable a/c dr
to Bank a/c
For receipt
TDS Receivable a/c dr
to TDS a/c
Bank a/c dr
to TDS Receivable a/c
Tds a/c Dr come under duties and taxes
TDS payable is grouped under duties & taxes (current liabilities) whereas TDS receivable under current assets
yes. all above replies are correct
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