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Provision for income tax as per revised schedule vi

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Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2013 last year Company had provision for income tax was Rs. 2300000, TDS was Rs. 241691 and refund due was Rs. 17941. so where to show this refund in balance sheet?

This year company has made loss of Rs. 2400000 so no provision for tax is required but company has TDS Rs. 625000, so how to make disclosure in balance sheet?

please help me in this regard.

Ganeshbabu K

Ganeshbabu K (Expert)
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26 August 2013 1)Refund 17941 can be shown as below

Line item:- Non-current assets

Sub line item:-Long term loans & advances

A/c head: other loans and advances

2)loss so provision for tax not required,,

tds receivable can be shown as above classification

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