about TCS
This query is : Resolved
10 June 2010
sir,
As per my knowledge , when i open a ledger of TCS in tally then its under DUTIES & TAXES(current liab.), but some body says .
its my current assets. so its will be under current assets.
plz give ur valuable comments on it.
plz give me brief knowledge about it.
thanx & best regards
ram
As per my knowledge , when i open a ledger of TCS in tally then its under DUTIES & TAXES(current liab.), but some body says .
its my current assets. so its will be under current assets.
plz give ur valuable comments on it.
plz give me brief knowledge about it.
thanx & best regards
ram
10 June 2010
It is a libility to be paid not an asset. So should be grouped under duties & taxes.
If u are talking from the buyer point of view then it is an asset and should be included in current assets.
If u are talking from the buyer point of view then it is an asset and should be included in current assets.
11 June 2010
when you purchase TCS dedusted in bill its your current assets. and will be adjusted with income Tax libility.
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