Menu
Tds with interest entry
What will be accounting treatment of TDS with interest on delayed deduction -
Is my below understanding correct-
Trade liability(Cr A/c) Dr 100
Other taxes. Dr 10
Payable
Replies (4)
Please ignore posting error-
Trade liability (Cr A/c) Dr 100
Other taxes ( Interest) Dr. 10
Payable Cr. 110
Payable Dr. 110
Bank. Cr. 110
Or shall i only make Tds provision on date of deduction and make interest entry when actual tds is paid??
Hi Dhwani,
I could not understand your accounting entry evn after reading mutiple time.
Debtor A/c Dr XXX
To Creditor XXX
Please write in this formet then will be easy for me to answer your query.
Hello Manish
Vendor A/c Dr 10
Interest A/c Dr 1
To TDs payable A/c. 11
So my question is payment entry would be-
TDs payable A/c Dr 11
To Bank A/c Cr. 11
Is the above correct, as payment of interest will be done separately and we cannot charge to vendor for interest?? I am confused with payment entry
Hi Dhwani,
TDS Payable Dr 10 (This is a Liability Type Account)
Inetrest Dr 1 (This is a expense Type Account)
To Bank 11
This would be your entry.I hope you will get your anwser from this!
Thanks!
Recent Topics :
- COST OF IMPROVEMENT
- Pillows and Mattresses
- GST Applicability for Reg. / Un-Reg. Indian custom
- Amended GST Act & Rules
- FAST DS 2026 MAIL QUERY
- Does Anyone need CA Foundation books of May2026 at
- Last day for ITR-U for AY 2023-2024 (FY 2022-2023)
- Sale of shares in indian company by a non resident
- Difference in TIS
- GSTR-9C Upload Status Error Occured
Related Topics :
CAclubindia
