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Tds entry.

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709 Points Joined January 2017
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.
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On 07 May 2021 at 11:18 Report
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Chartered Accountant
24588 Points Joined November 2019
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
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On 07 May 2021 at 13:16
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709 Points Joined January 2017
Tds a/c Dr come under duties and taxes
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On 12 May 2021 at 00:32
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CMA
13117 Points Joined May 2009

TDS payable is grouped under duties & taxes (current liabilities) whereas TDS receivable under current assets

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On 12 May 2021 at 15:30
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Master in Accounts & high court Advocate
9610 Points Joined December 2011

yes. all above replies are correct

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On 12 May 2021 at 19:18

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