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twice entry of a bill

sandeepverma (don't make exuse for study) (304 Points)

06 January 2011

dear friends

i have a problem as per our books of accounts we posting a bill in twice time and also deduct TDS on same bill and two time and also deposit TDS on this single on two time how to rectify this entry with TDS adjustment please help me

my email address is Sandeepverma612 @ gmail.com

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8 Replies

Mohit Srivastava (Article) (131 Points)
Replied 06 January 2011

dEAR

i tHINK YOU HAVE TO DO JUST REVERSE ENTRY FOR THAT TO RECTIFY FOR ABOVE 2 MISTAKES AND

FOR DEPOSITING THE TDS 2 TIME WHEN YOU DEPOSIT THE NXT TDS.YOU SHOULD THEN REDUCED THE AMT WHICH YOU HAVE EXCESS DEPOSITED JUST BEFORE.

Shweta Bansal (CA) (175 Points)
Replied 06 January 2011

As far as my understanding of the query goes....you have asked for a rectification entry to be passed after considering the effect of TDS on it for the bill enters twice in book, TDS deducted twice & deposited twice.

Look you need to nullify the effect of seconding time posting the bill into the books by reversing the journal entry.

TDS A/C Dr

Party A/C Dr

To Expense A/C

The excess payment of TDS can be claimed in TDS return.

Hope this helps.....................:)

Prakash (Professional) (211 Points)
Replied 06 January 2011

Correct accounting treatment as explained by Shweta..

CA P KARTHIKA (Chartered Accountant) (715 Points)
Replied 07 January 2011

ya Mr. Mohit is correct.

Just reverse the expenses booked twice and for the Tax to be deducted at source you can use the extent you over paid the Tds already....

Jyoti Goyal (Manager) (36 Points)
Replied 08 January 2011

You can adjust TDS only if the quarterly TDS return not filed. If the returne was filed then issue for 16A with excess TDS details. The vendor will get refund from IT dept.