TDS ENTRY IN TALLY
Hi friends
,today I am going to discuss about how make TDS entries in tally .So many time
you come across with difficulty while making TDS entry in tell so no need to
worry about that if your principle ask you about TDS payable and receivable
entry just keep in mind certain things
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IMPORTANT
THINGS TO KEEP IN MIND WHILE DOING TDS ENTRIES
( TDS ENTRY IN TALLY)
GOLDEN RULE of
accounting - in TDS its REAL ACCOUNT work
(know why
real account work in TDS )
REAL
ACCOUNT
What comes
in Dr.............
What goes out Cr................
So for
making entry in REAL ACCOUNT first know is TDS payable or receivable
If TDS is
receivable then entry for that is like
For example A LTD
pay to B LTD Rs 50000 for his
services and deducted TDS of Rs 1000 . Then how Mr. B make an entry of 50000
in tally
Entry by Mr.
B (in case of money receive by B LTD)
By B's LTD Bank a/c
Dr....... 49000
By TDS a/c Dr....... 1000
To A's LTD a/c Cr........... 50000
And for A
LTD .. Entries in tally is reverse of that which entry for B LTD
(TDS ENTRY IN TALLY)
Because now
A LTD is paying money to B LTD and also deducting TDS on 50000 of Rs 1000 so
for A LTD tally entry is something like this
By B's
LTD a/c....
Dr............ 49000
By TDS a/c ....... Dr............. 1000
To A's LTD Bank a/c Cr............... 50000
Now why this
entry is like that because its a provision created by A LTD
Check out
why we use REAL ACCOUNT is used in TDS
entry
Check out
secret behind PERSONAL ACCOUNT
Check out
secret behind NOMINAL ACCOUNT
Check out
secret behind REAL ACCOUNT
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