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Payment Of Tds Entries

pandusubbu Started The Discussion:

hi sir,

every month we have pay the rent through cheque. so rent is 250000.
this entry is correct or not

Rent payment for the Owners.
Party name A/c dr 2,50,000.00
Bank a/c cr 225000
TDS a/c cr 25000


its Correct entry or not

After one month we have to deposite the tds on bank

tds payable a/c dr 25,000
to cash/bank a/ccr 25,000



any corrections is there kindly send the correct entries.


Thanks & Regards,
Subbu.

S.V.Krishnan - Member Since: Nov 2009
Entry could be made as follows

Debit..........Rents and Taxes A/c.......................................Rs 125000
Credit Mr X being the rent due Rs 125000
Credit TDS Payable a/c............................................ Rs 12500
Debit Mr X being the TDS on rent Rs 112500
Debit Mr X rent paid Rs 112500
Credit Bank amt drawn for rent payment Rs 112500
Debit TDS payable a/c Rs 112500
Credit Bank being amt drawn for TDS payment Rs 112500

assikand - Member Since: Jul 2009
Before passing these enteries, first pass this JV entry Rental expenses Dr. Rs. 250000.00 To Party A/c Cr.

assikand - Member Since: Jul 2009
Before passing these enteries, first pass this JV entry Rental expenses Dr. Rs. 250000.00 To Party A/c Cr. Rs. 250000.00 Rest of the enteries are correct.

cakshitijsaxena - Member Since: Jan 2010
Step 1:-
Rent A/C -Dr. 250,000
To Rent Payable A/c 225,000
To TDS Payable A/c 25,000
(Being rent due at the end of month a/c for & TDS deducted @ 10%)

Step 2
Rent Payable A/c-Dr.
To bank A/c
(Being rent due now paid)

Step 3
TDS Payable A/c-Dr.
To Bank A/c
(Being TDS deducted on rent now paid to Govt.)

cwdnandhafin - Member Since: Aug 2009
The Correct Entry is as follows to track individual Ledger Accounts efficiently:

1) Dr Rent ( Expenses ) - 250000
Cr Tds on Rent Payable - 25000
Cr Vendor A/c - 225000

2) Making TDS Payment:
Dr TDS on Rent Payable - 25000
Cr Bank/Cash A/c - 25000

3) Making Payment to Vendor/landlord

Dr Vendor A/c - 225000
Cr Bank/Cash A/c - 225000

Regards
nandha

suc - Member Since: Mar 2010
hi there
canu send me procedure of TDS .HOW TO DIDUCT TDS FROM SALARI ?
HOW TO FILLUP CHALLAN OF TDS AND HOW TO SUBMITED IN BANK ?
HOW TO PASS ENTRY OF TDS .HOWMUCH ENTRY OF IT ?
PLS HELP ME
MY EMIL ID :suchitshah1432@gmail.com
pls help me .

i want to know more about TDS .ANYONE CAN HELP ME ?

suc - Member Since: Mar 2010
thnaks for it but on which voucher? i have also send one questation ? if u have ans. of it pls help me . my id :suchitshah1432@gmail.com

suc - Member Since: Mar 2010
hi there
canu send me procedure of TDS .HOW TO DIDUCT TDS FROM SALARI ?
HOW TO FILLUP CHALLAN OF TDS AND HOW TO SUBMITED IN BANK ?
HOW TO PASS ENTRY OF TDS .HOWMUCH ENTRY OF IT ?
PLS HELP ME
MY EMIL ID :suchitshah1432@gmail.com
pls help me .

i want to know more about TDS .ANYONE CAN HELP ME ?

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