Accounts Presentation
This query is : Resolved
01 October 2010
Dear Sir/madam,
I want to clarify one doubt regarding Presentation of Accounts.
i.e. M/s.ABC Ltd providing consultancy services & received the amount after TDS.That TDS was accounted by ABC Ltd under head of Loans & advances(assets).That doing accounted the TDS for the Past two years under the same head.When it will be utilized?Actually every year it use the TDS when compute the Tax Liability(Tax payable-TDS=Self Assessment Tax).But there is no entry provide for that.Actually how it should be presented in the accounts of a company?
S.Jegadeesan.
I want to clarify one doubt regarding Presentation of Accounts.
i.e. M/s.ABC Ltd providing consultancy services & received the amount after TDS.That TDS was accounted by ABC Ltd under head of Loans & advances(assets).That doing accounted the TDS for the Past two years under the same head.When it will be utilized?Actually every year it use the TDS when compute the Tax Liability(Tax payable-TDS=Self Assessment Tax).But there is no entry provide for that.Actually how it should be presented in the accounts of a company?
S.Jegadeesan.
11 March 2011
The entries should have passed as :
Income Tax Dr.
To Provision of Income Tax Cr
Provision of Income Tax Dr.
To TDS Cr.
To Self Assessment Tax Cr.
Self Assessment Tax Dr.
To Bank Cr.
Anuj
9810106211
Income Tax Dr.
To Provision of Income Tax Cr
Provision of Income Tax Dr.
To TDS Cr.
To Self Assessment Tax Cr.
Self Assessment Tax Dr.
To Bank Cr.
Anuj
9810106211
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