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Tds entry.

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709 Points Posted on 07 May 2021
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
Replies (4)
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Chartered Accountant
24588 Points Posted on 07 May 2021
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 Posted on 12 May 2021
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 Posted on 12 May 2021

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
9615 Points Posted on 12 May 2021

yes. all above replies are correct

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On 12 May 2021 at 19:18


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