TDS JOURNAL ENTRY IN BOOKS OF DEDUCTOR

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22 Points Posted on 03 December 2022

 DURING PREVIOUS YEAR I HAVE DEDUCTED TDS ON INTEREST OF RS 1LAC AND HAVE NOT DEPOSITED TDS TO THE GOVERNMENT. BUT THE DEDUCTEE HAS ALREADY CLAIMED THE AMOUNT BY PAYING INTERST INCOME AND GETTING CA CERTIFICATE.

HOW SHOULD I RECORD THIS JOURNAL ENTRY IN THE BOOKS OF DEDUCTOR WHERE TDS LIABILITY HAS ALREADY BEEN CREATED?

IF POSSIBLE GIVE EXAMPLE.

THANKS

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On 03 December 2022 at 21:56 Report
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Quick Summary
This discussion addresses how a deductor should record a journal entry when TDS has been deducted on interest income but not yet deposited with the government. The core issue is that the deductee has already accounted for the income and obtained a CA certificate. The proposed solution involves creating a liability account for the TDS amount.

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CFO- at NHTF
15022 Points Posted on 03 December 2022
Interest a/c Dr 10lacs

To Deductee 9lacs
To Tds on interest 1Lac
8 Reply
On 03 December 2022 at 23:59
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Profession
19978 Points Posted on 04 December 2022
First create a liability account
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On 04 December 2022 at 10:13
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CFO- at NHTF
15022 Points Posted on 04 December 2022
Above is liability creation only
3 Reply
On 04 December 2022 at 10:59

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