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Please let me know how to make the TDS Receivable accounting entry in the books of accounts.
My question is I need to show this in current assets or posted to P & L as expenditure.
Please help me in this regard.
Entry for TDS Receibales is as below
TDS RECEIVABLE DR
(Loans & Advance)
To Debtors a/c
Remember TDS Receivable is like advance tax
TDS RECEIVABLE IS LIKE A FULL COLLCETION FROM THE PARTY .THEREFORE PARTY SHOULD BE CREDITD AND TDS RECEIVABLE SHOULD BE DEBITED AND TO BE SHOWN IN ADVANCES TI INCOME TX DEPATRMENT.
tds receivable is to be shown as current assets in the balance sheet.....
or we can treat this like an advance tax.......
TDS receivable is a current asset or alternatively it can be shown under the head prepaid or advance taxes.
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