Entry for tds refund
This query is : Resolved
29 March 2016
could u plz tell me the journal entry for the following...
TDS receivable in F.Y. 2012-13 on Commission
Tds receivable = 12500
If i receive only 6500 in the next year from ITD and the balance is yet to be received, then what amount of TDS rec is to be shown in Balance Sheet???
N plz tell me that do we have to pass TDS received entry Thru Capital A/c in proprieotrship.
TDS receivable in F.Y. 2012-13 on Commission
Tds receivable = 12500
If i receive only 6500 in the next year from ITD and the balance is yet to be received, then what amount of TDS rec is to be shown in Balance Sheet???
N plz tell me that do we have to pass TDS received entry Thru Capital A/c in proprieotrship.
Gokul Sharma
(Expert)
30 March 2016
Income tax receivable a/c Dr to tds asset at the time of creation of refundable AMT
Bank Dr to income tax receivable 6500
Bal AMT not received will be shown in income tax receivable head
Bank Dr to income tax receivable 6500
Bal AMT not received will be shown in income tax receivable head
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