Account Executive
+5 Others

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Hi Sir,
I am Working Kn corporate services. I working as a accounts executive we have taken the flats for rent.I know tds rates and percentages but i dont the how take the entries in books plz help me and send the details of the entreis.
Thanks & Regards,

From India , Hyderabad
Entries for TDS:-
1).When TDS is deducted when bill received...
Rent A/c Dr..
To landlord A/c(under sundry Creditor)
To TDS on Rent A/c(This a/c should be under Duties & taxes)
(Note:-TDS is deducted on Payble amount so for convinience you can deduct it on the time of payment and at that time the entry will be.........
Land lord A/c Dr...
To Tds on rent A/c..
2).On last date of month total amount Of TDS on rent A/c transfer to TDS payble A/c..
TDS on rent A/c Dr..
To TDS payble A/c
3).When TDS deposited
TDS Payble A/c Dr...
To Bank/cash A/c
Dear Pandusubbu I hope these entries will help you and if u have any Ques.about it then plz feel free to asked.And try to clear ur querry coz it's not possible to write every thing.

From India , Delhi
Entries for deduction of rent
Tds on Rent will be deducted if receipt of rent exceeds Rs.120000/- p.a. Rate of TDS is 2% flat. This is applicable in case of individual or huf if turnover exceeds Rs.40 Lacs or gross receipts exceeds Rs.10 Lacs.
In any other case it is mandatory.
Rent A/c Dr. 125000
Party A/c Cr. 2500
Tds rent Cr. 122500

From India , New Delhi
Hi i think this entry should be like this Rent A/c Dr 125000 Party A/c Cr. 122500 Tds rent Cr. 2500
From India , Pune
Hello RahulJain The TDS rate w.e.f 1.10.09 for Land & Building is 10% for Individual & HUF, before it was 15.3%, 2% is for rent towards plant & machinery. Regards Sudha S
From India , Madras
Hi all
I m Gunjan doing PGDBM in finance from Xavier Institute of Social Service, Ranchi. I m looking for finance job in banking and finacial service sector. If u come to know about such opening plz inform me also.

From India , Calcutta
There are companies who follow the monthly accounts closure. I mean to say that they create the provision for routine expenses every moth end to have a better MIS Report (Budget V/s Actuals.).
Then the entries would be.
The month end entry:
Debit : - Rent Account (For total amount)
Credit : - Sundry Creditors - Rent Payable A/c or Owner's account.
Credit : - Sundry Creditors - TDS - on Rent
Month begining while paying the rent.
Debit : Sundry Creditors - Rent Payable or Owner's account (as per the previous entry)
Credit : Bank

From India , Bangalore
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