Asked By: Bernard Powell Date: created: Sep 24 2022

What is the journal entry for TDS

Answered By: Jesse Alexander Date: created: Sep 25 2022

Accounting entries when TDS is deducted

Particulars Accounting Entry
– At the time of payment of TDS- TDS payable on Contractor A/c Dr. 2,000 To Bank A/c 2,000 (Being amt of TDS u/s 194C deposited)
Asked By: Jesse Nelson Date: created: Jan 30 2022

How can I book TDS entry in tally

Answered By: Chase Edwards Date: created: Feb 01 2022

Deduct Applicable TDS

  1. Gateway of Tally > Vouchers > press F7 (Journal)
  2. Enter the TDS amount after debiting the party ledger.
  3. In the Bill-wise Details screen, enter the necessary information.
  4. Enter the key.
  5. Enter the amount and credit the TDS ledger.
  6. In the TDS Details screen, enter the necessary information.
  7. Accept the display.
Asked By: Logan Scott Date: created: Jun 09 2021

How can deduct TDS on contractor with example under GST

Answered By: Angel Rodriguez Date: created: Jun 09 2021

TDS Under GST With Example

  1. The base (taxable value) on which TDS will be calculated is Rs. 1,000,000.
  2. TDS rate in GST is equal to 1% (CGST) and 1% (SGST).
  3. Calculation to be performed minus the tax amount (1,28, 000 (-) 28,000 rupees)
  4. The result of the TDS calculation in the example given would be.
Asked By: Harry Ross Date: created: Jan 17 2022

On which amount TDS is deducted in GST

Answered By: Gavin Sanchez Date: created: Jan 17 2022

When paying a supplier of taxable goods or services, TDS on GST is required to be withheld at a rate of 2%, provided that the total value of the supply or services under each individual contract exceeds Rs 2.50 lakhs.

Asked By: Cole Washington Date: created: Sep 29 2022

How do I adjust TDS on GST

Answered By: Angel Ramirez Date: created: Sep 30 2022

Steps to file 'TDS and TCS credit received' on GST portal

  1. First, log in to the GST portal.
  2. Step 2: Go to 'Services' > 'Returns' > 'Returns Dashboard'
  3. Step 3: Select the return period of GSTR-3B being filed and proceed to 'TDS/TCS credit received' tile.
Asked By: Seth Scott Date: created: Jun 13 2022

What is TDS deposited in Form 26AS

Answered By: Timothy Allen Date: created: Jun 13 2022

Part A of Form 26AS contains TDS details deducted on your salary, interest income, pension income, prize winnings, etc. It also includes the TAN of the deductor, the amount of TDS deducted and deposited to the government. This information is provided every quarter.6 days ago

Asked By: David Bennett Date: created: Jun 27 2021

How can I get GST Voucher

Answered By: Cody Price Date: created: Jun 30 2021

In EZTax.in GST Accounting, go to Purchase menu and click on Voucher option to Create a Voucher.
Vouchers

  1. Ticket Date.
  2. Category.
  3. impacted by
  4. Type of Transaction.
  5. Description.
  6. Amount.
  7. Referral Number
  8. Described are Tangible Assets.

Asked By: Stanley Gonzales Date: created: Jan 07 2022

How can I add company in tally

Answered By: James Henderson Date: created: Jan 09 2022

To create a company, double-click the tally icon on your desktop, choose Create Company from the Company Info. menu using the up and down arrow keys, and then press Enter. In the company creation screen, enter all the information for the company that has been requested.

Asked By: Reginald Ross Date: created: Apr 21 2022

What is accounting entry for TCS

Answered By: James Young Date: created: Apr 24 2022

Accounting entries if TCS is booked on a RECEIPT basis The assumption that receipts from a specific buyer have exceeded Rs. 50 lakhs as of April 1, 2021. TCS will be collected at 0.1% as of April 1, 2021. Goods sold for more than Rs. 10,00,000 are subject to GST at a rate of 5%.

Asked By: Carlos King Date: created: Jul 12 2022

What is the journal entry of GST

Answered By: Oswald Simmons Date: created: Jul 15 2022

Purchase Transactions, Sale Transactions, Set Off of Input Credit Against Out Tax Liability of GST, Reverse Charge Transaction, Refunds (Export of Goods and Services), and Imports are just a few of the entries that make up a journal entry for GST.

Asked By: Aidan Phillips Date: created: Jul 16 2022

What is TDS receivable entry in tally

Answered By: Nathan Gray Date: created: Jul 17 2022

You will receive form 16A from your customer for the deducted TDS amount, which you can use to offset the provision for income tax. Customer will pay invoice due amount after deduction of TDS from the receivable amount. Customer is liable to pay deducted TDS amount to the Income Tax department before the due date.

Asked By: Patrick Reed Date: created: Dec 25 2021

What is TDS payable and receivable

Answered By: Martin Diaz Date: created: Dec 27 2021

TDS Receivable TDS Payable The tasks of the Deductor and the Deductee must be completed. Entries for Income Receipt TDS Receivable, Expense Payment TDS Deduction and Deposit, Collection of TDS Certificate Match with Form 26AS Online Deduction of TDS from Income Tax in ITR, and 25 September 2020 completion are required.

Asked By: Alex Reed Date: created: May 25 2022

Where do you show TDS in balance sheet

Answered By: Philip Evans Date: created: May 27 2022

TDS is always listed as a liability on the balance sheet because it is the amount we used to collect from others in the course of conducting business on the governments behalf, and it is listed as an asset when money has been taken out of this account by others.

Asked By: Peter Patterson Date: created: Jun 16 2022

What is TDS explain with example

Answered By: Jonathan Butler Date: created: Jun 17 2022

A person (deductor) who is required to make a payment of a certain nature to another person (deductee) is required to withhold tax at source and remit it into the account of the Central Government. This concept was introduced with the intention of collecting tax from the very source of income.

Asked By: Devin Ramirez Date: created: Apr 18 2022

Why TDS receivable is an asset

Answered By: Keith Williams Date: created: Apr 18 2022

TDS receivable by itself provides the answer because it is an asset for the entity and because it was previously deducted as tax, meaning we had already paid it, we will display it under Loans & Advances (Asset).

Asked By: Adrian Morgan Date: created: May 16 2022

How can I account GST TDS in tally

Answered By: Rodrigo Howard Date: created: May 19 2022

You can record a journal voucher to adjust the TDS amount.

  1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal .
  2. For Stat Adjustment, click J.
  3. Choose from the options in the Stat Adjustment Details screen as indicated below:
  4. To save and go back to the journal voucher, press Enter.

Asked By: Ethan Howard Date: created: Oct 23 2021

What is sales journal entry

Answered By: Jesse James Date: created: Oct 26 2021

A sales journal entry, which records a cash or credit sale to a customer, should reflect changes to accounts like the Cost of Goods Sold, Inventory, and Sales Tax Payable accounts in addition to the total amount of money received from the transaction.

Asked By: Gerld Martin Date: created: Nov 28 2021

What is TDS how it is calculated

Answered By: Stanley Nelson Date: created: Nov 30 2021

The employees “average rate” of income tax, which is calculated as follows: Average Income Tax Rate = Income Tax Payable (Calculated Through Slab Rates) Divided by Employees Estimated Income for the Financial Year, is what the employer deducts from the employees salary as TDS.

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