Hello want to know if a Tenant deduct TDS on rent what entries to be shown in the books of landlord and how to verify whether the tenant has provided actual rent or not, and also if received less rent what accounting entries one should pass.
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TDS ON RENT BY TENANT
Replies (1)
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Journal Entry: Debit Bank (Net received) and TDS Receivable (Tax component); Credit Rental Income (Gross amount).
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Verification: Check Form 26AS / AIS on the Income Tax Portal or request Form 16A/16C from the tenant.
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Shortfalls: Keep the balance active in the tenant's ledger if it's a dispute, or debit the relevant expense head if it was an authorized spend on your behalf.
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