Entries to be passed for deducting TDS and paid to Govt
Can anyone explain me the entries to be passed for TDS deducted to the party and paid to the govt. And whether tds to be deducted on GST portion also??
Tax and all forms of accounting are held for the fundamental chips for the figures. The next operation of the australian essay review is implemented for the pictures. The image of the tax officer is marked for the fulfillment of the goals in the mid of the shaped and shadowed items for the stuff and ideal paths for the teamwork.
Hello Naveen
Entries likely to be passed for your query.
1. When TDS deducted on expenses..
Expenses a/c 100000
Input GST a/c 18000
to TDS U/S 194C 2000
to Party A/c 116000
2. When TDS amount paid to govt
TDS U/S 194C 2000
to Bank 2000
Note: TDS not required to be deducted on GST Portion and reimbursement of expenses
3. TDS on Advance paid for service
TDS shall be deducted on advance paid for receipt of service. In such case the below entry shall be passed.
Party a/c 50,000
to TDS u/s 194J 5,000
to Bank 45,000
TDS u/s 194J 5,000
to Bank 5,000
Hope got clarity
Tax and all forms of accounting are held for the fundamental chips for the figures. The next operation of the australian essay review is implemented for the pictures. The image of the tax officer is marked for the fulfillment of the goals in the mid of the shaped and shadowed items for the stuff and ideal paths for the teamwork.