Can any1 explain to me what does TDS receivable and payable (apart from salaries) exactly mean??
PS. In detain pleaseee!!
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 20 July 2012
TDS receivable means tax is deducted st source by others from the income receivable by you. It is an asset. for instance if you receiving interest on the FD's kept by you with the bank, then bank would deduct tax from the interest payable to you & would pay the net amount of interest to you. While determing your final tax liability in the asst year, the TDS receivable is reduced from the total tax liability & the balance tax is required to be paid by the assessee.
TDS payable means tax whihc is being deducted by you for the payments made to other persons. This TDS payable is required to paid only by assesses who carry on any business/profession. Suppose if a person carrying on business makes payment of rent for the premises in whihc the business is being carried on, then while making the payment to the landlord, the assessee is required to deduct tax at source and pay the net amount to the landlord. The TDS deducted is requird to be paid by the assessee to the credit of central govt before the due date of payment. i.e if tax is deducted at source in july then the same is to paid to the govt on or before 7th of August.
Siddharth
(Thinker)
(267 Points)
Replied 21 July 2012
Ohk... Thank you very much Sir. This was exactly what i wanted :)
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