Accounting entry for TDS not deducted but deposited by Bank, Accounting - Auditing

[Ramesh Rangani]

Hi Experts!

Please advise which will be the proper account to be credited in following case.

There was FD with Govt bank. By mistake they deducted short TDS on interest accrued during the year and auto renewed FD with interest (net of tds). After 31-Mar-2017, this was brought to their notice. They accepted the mistake and deposited tds (with applicable interest) in the month of Apr-2017. To book TDS receivable on 31-Mar-2017, needs to pass the entry. In this case, please advise which account should be credited. (I doubt if we credit the amount to Bank account, it may be treated as loan).

Thanking you in anticipation,

Ramesh

Posts / Replies

[Ravi Kumar]

you need not to pass any JV in your book , only bank will do the effect.

in case of short booking re book this