Tds on property

TDS Should be deducted on Agreement Value @ 1% in Agreement value of Immovable Property is above 50 Lakhs.

Entry for the same is following

Fixed Assets A/c      Dr.

To TDS Payable Account     Cr.

To Party/ Vendor                 Cr.

Then

Party A/c   Dr.

To Bank     Cr.

No. 

Tds Should be deducted on booking in accounts or payment which ever is earlier.

Tds is not inclusive. it is charge on agreement value separately.

Ur Wlcm Dear.