Accounting of tds

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CA Sarita Rathore (Querist)
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16 June 2014 In case of Individual...what would be the entry of TDS Deducted mean how to show in capital A/c and balance sheet

Guest

Guest (Expert)

16 June 2014 it will be part of your current asset as advance tax deposited

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 June 2014 it will be shown in capital a/c debit side for ind............

CA Sarita Rathore

CA Sarita Rathore (Querist)
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16 June 2014 I know....but what will be the final entry after adjusting Income tax from TDS...

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 June 2014 you need to adjust finally in capital a/c only it will not come in bal sheet unless something is rec or payable....here u said u are adjusting

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 June 2014 you need to adjust finally in capital a/c only it will not come in bal sheet unless something is rec or payable....here u said u are adjusting

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 June 2014 you need to adjust finally in capital a/c only it will not come in bal sheet unless something is rec or payable....here u said u are adjusting

Guest

Guest (Expert)

16 June 2014 then it will be adjusted only from capital a/c... nun else

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 June 2014 see if you create an entry for current asset, then you will need to set-it off against the tax payable for the year. alternatively, just transfer the same to capital account to nullify the entry in the books.

in capital account the same can be adjusted against the final tax liability

CA Sarita Rathore

CA Sarita Rathore (Querist)
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17 June 2014 Dear sir.....your alternate option is that first debited the capital account with full tds amount and then credited by net tds receivable amount...right

Rupesh Jain

Rupesh Jain (Expert)
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17 June 2014 yes debit the capital a/c
and credit the TDS receivable a/c

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 June 2014 yes that is waht I mean Sarita Ji.

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