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Tds entry

venkat (MANAGER- ACCOUNTS) (59 Points)

21 August 2013  

we got 18000/- from bank interest. tds deducted 2000/- by bank how to account?  we account interest amount 18000/- (Interest Income Under Indirect Income) But how to account TDS Deduct amount  2000/-in  our books .  
pls give ur valuable suggestion. pls give me necessary entries.

 3 Replies

Khushboo Somani (Business) (90 Points)
Replied 21 August 2013

Entry should be -


Bank a/c. Dr 18000

TDS a/c. Dr 2000

To Bank interest 20000


Vikram Bhatia (CA Final) (122 Points)
Replied 21 August 2013

Agreed with KHushboo but 'TDS' should be replaced with 'TDS Receivable' in above entry..

Replied 22 August 2013


Bank a/c Dr                     18000

TDS Receivable a/c Dr  2000

     To bank interest a/c                 20000

( debit should be give only to "TDS Receivable" only)

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