I have submitted a bill for the professional services rendered for y. e. 31.3.2010 in January 2010 for Rs.50,000 + ST which has been booked by the client. TDS has been deducted @ 10% and TDS certificate has been issued to me . The payment has been made to me in August 2010. How do i account for the income for y. e. 31.3.2010 and claim the TDS.
Thanks.
Entire 50000 will b your income of F.Y. 2009-10 i.e. of 31-3-10
Entry will b
1. Date 31-3-10
Party A/c Dr. 50000+ST
To Consultancy income
2 31-3-10
TDS A/c Dr. TDS Amt
To Party A/c
3 Aug 2010
Bank A/c Dr. 50000+ST-TDS
To Party a/c
Tds A/c shall b created under Dutie & Taxes in B/S . It will b your Asset as if Advance Tax
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