TDS Refund is the indirect income of the company ya its should be adjusted against tds (Asset) i just want to know that what is the proper accounting entry.
Anish A Kumar (Article Assistant) (52 Points)
25 July 2016TDS Refund is the indirect income of the company ya its should be adjusted against tds (Asset) i just want to know that what is the proper accounting entry.
CA Saurabh Singh
(Practising Chartered )
(974 Points)
Replied 25 July 2016
Hello Anish,
Take for example you have assests lying in your balancesheet in name of TDS AY 15-16 Rs .9500.
And in AY16-17, you recive refund of same 10000, the following entry shall be passed:
bank A/c Dr 10000
To TDS AY 15-16 9500
To Interest Income 500
Anish A Kumar
(Article Assistant)
(52 Points)
Replied 25 July 2016
thnk you sir for your wonderful suggesation
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