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Help!!

shreya (student) (30 Points)

10 October 2014

Wat z d treatment of TDS in case of an individual? its very confusing!!

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6 Replies

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 10 October 2014

There will be two cases 1.Tds receivable (Tds deducted by debtors/customers)--available in PAN account-26AS.(It is an Asset) 2.Tds Payable--Tds deducted by an individual need to pay department--available in TAN account-challan status enquiry..(It is a liability).

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 10 October 2014

Ex:- Tds receivable----------------------- Debtors A/c Dr Tds receivableDr Income a/c. Cr 2.Expense A/c Dr Tds payable Cr Creditor. Cr

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 10 October 2014

Each entry two balncesheet items and one is p&l item.

CA Raj Doshi (Practising CA) (8723 Points)
Replied 10 October 2014

If you put your query more specifically , the answer can be given with more conceptual and technical clarity

raunak (CA) (23 Points)
Replied 10 October 2014

Suggestion on tax on salary

VIKASH KUMAR JAIN (Audit Executive) (711 Points)
Replied 11 October 2014

TDS receivable against TDS certificate also known as advance tax paid.TDS payable is liability on behalf of service provider.

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