Re : tcs
This query is : Resolved
07 June 2018
Dear Experts,
I have a simple basic query for which I ask your advise to resolve
A company purchased a car of Rs. 1500000/- and the TCS of Rs. 15000/- was collected. It is getting reflected in Form 26AS. Besides, the Company also has TDS Receivable which is getting reflected in the Balance Sheet.
My questions :-
1. What will the journal entry to be passed for the TCS entry.?
2. Whether the TCS should be adjusted with TDS Receivable A/c?
3. Is TCS an asset or Liability?
Please suggest.
Thanks
I have a simple basic query for which I ask your advise to resolve
A company purchased a car of Rs. 1500000/- and the TCS of Rs. 15000/- was collected. It is getting reflected in Form 26AS. Besides, the Company also has TDS Receivable which is getting reflected in the Balance Sheet.
My questions :-
1. What will the journal entry to be passed for the TCS entry.?
2. Whether the TCS should be adjusted with TDS Receivable A/c?
3. Is TCS an asset or Liability?
Please suggest.
Thanks
07 June 2018
1.
Dr. CAR A/c (under FA) - XXX
Dr. TCS Receivable A/c (Under CA) - XXX
Cr. CAR Dealer A/c - XXXX
2. No need... It can be refunded in case Your tax liability is less than the value...
3. It's Asset (Current Asset)
Dr. CAR A/c (under FA) - XXX
Dr. TCS Receivable A/c (Under CA) - XXX
Cr. CAR Dealer A/c - XXXX
2. No need... It can be refunded in case Your tax liability is less than the value...
3. It's Asset (Current Asset)
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