![]() ![]() N Person Account (Creditor for Rent ) = Rs. Company will follow the law and total amount will be divided between assessee and govt.īefore Actual Payment to Creditor for expense and TDS, both will be shown in the liability side. Because total Rent is the indirect expense, so Rs. 95000 and TDS account will be credited with Rs. N person account will be credited with Rs. ![]() 5000 because both amount is payable to different persons. When company pays the money and deduct the TDS.Įxplanation of Above Entry with Example : Suppose, ABC have to pay Rs. ![]() At that time following journal entries will be passed in books of ABC company and Mr. Tax law, ABC will deduct TDS and net amount will pay to Mr. Now, ABC company will pay the amount of MR. For example ABC company used the service of MR. account, its journal entries will be in the books of company. If tax is deducted from assessee's income and deposited in the Govt. ![]()
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