QUERIES
Hi Sir, i have small doubt we paid the rent monthly 47000 last 3 months (Nov to Jan 2010), Feb month tds deducted(47000 rent-18800 tds) ,how to enter entries Kindly Send the entries. from Bhasker v

19th February 2010 From India , Hyderabad

Hi, as per your clarification on TDS, I understood from your message you have deducted TDS Rs.18800/- for Rs.141000/- (47000*3) it will come 13.33%, it is not correct, actually TDS on Rent Percentage 15% + 0.3% cess so you have to deduct Rs.21785/- can you please tell what basis you have deducted.
In addition, you are asking how to post entry for TDS, I give below the details of entry,
Dr. Rent person a/c xxxxx
cr. Tds payable on Rent xxxx
(It is under duties and taxes)
I think it will help to you.
20th February 2010 From India , Coimbatore
Re: TDS on rent entries
Hi
W.e.f 1st Oct' 2009, the TDS for rent is 10%. So the TDS amount for 3 months could be Rs 14,100/-.
The entries for TDS,
Rent a/c Dr
TDS on rent Cr
Landlord a/c Cr
( At the time of TDS deduction )
Landlord a/c Dr
Bank a/c cr
(At the time of rent payment to landlord after deducting TDS)
TDS on rent Dr
Bank a/c Cr
( While remitting TDS amount into bank)
Hope it would be clear
Regards
Sudha S
9th March 2010 From India , Madras
Hi, W.E.F 01st Oct 2009 TDS Rates are: 2% Flat for Rent on Plant & Machinery/Equipments. 10% Flat for Rent on Land & Building. The Entries posted by Sudha is absolutely Correct :) Regards Nanda
11th March 2010 From India , Bangalore
TDS on rent entry: first entry: rent a/c dr To creditors a/c To Tds on rent a/c next and final entry: bank a/c dr To Tds on rent a/c over
24th March 2010 From India , Bangalore
The Entries posted by Sudha S is absolutely Correct and entries and rate of deduction by Shanthi K is not correct. Regards Prabhat
22nd June 2015 From India, Patna
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