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Tds return
Dear Sir,
I have some problem ...actly some lack of knowledge of tds I was deducted 2% tds on payment to client bt then I recognize our company is proprietor and we want to deduct 1%....I was pay tds as per 1% tds calculation bt after how will I manage entry in tally please guide me
Replies (6)
You have to pay balance 1% to the party.
ya but ........now i want to closed acct so how i show in my tally ..and this 1% tds pending . so i cant deduct tds for this year which is balance so its ok...
problem is how i show in my tally
You have to Pay 1% Amt to The Party and the accounting entry will be the same as of Payment. ie :
Party A/c Dr. XXX
to Cash/ Bank A/c XXX
If you have passed Combined Journal Entry of TDS As well as Payment then Entry will be :
TDS Payable A/c Dr. XXX
to Party A/c XXX
& Party A/c Dr. XXX
to Cash/Bank A/c XXX
TDS Payable Dr.
Debtors(Name of Client) Cr.
Amount will be 1%.
yes all is right, bt there is no problems, when the client fill its itr than they claim all TDs which are you deduct.
I agree with Rajesh Sehgal!!
It is also a convinent option.
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