Tds

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Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2016 Dear Sir,
Tds as per 26 AS differs from account books due to tds was not paid by the deductor and the same was booked in my accounts (Individual) then how to show the difference amt. Can it be shown as TDS Receivable under Current assets because the rest of amount will be shown as Advance Tax+TDS under drawings in individual accounts.Please tell me the correct procedure.
Ex:
TDS as per My traces is 100000
in my Books Tds Receivable is Rs.110000 as per accrual basis
diff amount Rs.10000 (where to show)
or Entire TDS Receivable as Drawings (Individual)

Amol S Joglekar

Amol S Joglekar (Expert)

06 September 2016 let the balance of 10,000 remain in receivable.

Querist : Anonymous

Querist : Anonymous (Querist)

07 September 2016 Same problem as above but in another situation. For Example Mr.X a Consultant doctor having consultancy income and his own clinic income has provided services in another hospital and due to receive consultancy income but not yet received at the end of F.y 15-16.It is received in the year f.y 16-17 because these receipts are insurance cases where the treatment fee's will be paid by insurance companies on behalf of patients.Due to this consultant hospital not deducted T.D.S and so it's not reflecting in Traces. Where as the same is booked in individual as income on accrual basis as income and T.d.s receivable. Now what is the treatment whether individual should record in his books as entire insurance receipts as income in f.Y15-16 or in 16-17.If it's to be recorded in F.Y 15-16 how should it record and how to show the amount reflected in 26 as in F.Y 16-17 in that year books. Please answer

Amol S Joglekar

Amol S Joglekar (Expert)

07 September 2016 TDS is NOT done by the payer. So reverse the TDS receivable entry in your books.
Depending upon the system of accounting regularly followed by the said Doctor, these receipts should be recognised.

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