tds receivable point
This query is : Open
Shubhankitsoni
(Querist)
11 May 2019
if customer deducts TDS and paid net amount to vendor. then usually vendor at the time of closing of its books of account, book TDS receivable entry and gives credit to customer.
here the query comes: what Prudence Says ? at the time of closing of vendor books. TDS is not reflected in vendor's 26AS. there be a delay by customer in filling of its TDS return.
is it logical to book TDS receivable entry at the time of closing of books?
here the query comes: what Prudence Says ? at the time of closing of vendor books. TDS is not reflected in vendor's 26AS. there be a delay by customer in filling of its TDS return.
is it logical to book TDS receivable entry at the time of closing of books?
11 May 2019
Yeah...
Basically will book the TDS as receivable as per the transaction. In case customer can't file or paid the deductible amount then You can keep the amount as Outstanding/ Receivables...
Kamal Kant Mittal
(Expert)
11 May 2019
Yes, Most of the companies posts the entry on the basis of TDS certificate received from Party.
More conservative approach would be to post entry on the basis of 26AS only.
More conservative approach would be to post entry on the basis of 26AS only.
05 May 2020
As Financial Statements and Income Statements are prepared as on a particular date to reflect true and fair view of the business organisation , TDS Receivable will need to be shown as Current Assets in Assets Side of Balance Sheet and it is fully logical and practiced everywhere.
05 May 2020
As Financial Statements and Income Statements are prepared as on a particular date to reflect true and fair view of the business organisation , TDS Receivable will need to be shown as Current Assets in Assets Side of Balance Sheet and it is fully logical and practiced everywhere.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
