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Dear All, suppose tds receivable account showing balance for Rs. 250000 but you got form 16A from deductor for Rs. 225000 then what will be the correct accounting for difference amount( 25000).
Debit Rs. 25000 to the deductor and credit Rs. 25000 to TDS Receivable A/c. as you can claim TDS deducted only as per Form 16A available for that F.Y.
There are many deciosion making points to remember for tds deduction. Any interest,contract, commission,rent, professional fees, salary paid by you in a financial year exceeding certain amounts should be considered for tds deduction. For interet it is Rs.5000,contractors Rs. 20000, commission Rs. 2500, rent Rs. 120000, professional fees Rs. 20000/-. For updated rates w.e.f. 01.10.2009 just go through any link on this site.
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