Tds
This query is : Resolved
06 May 2012
For TDS Receivable i.e., TDS deducted from us:
TDS Receivable A/c Dr.
To PartyA/c
For TDS Payable i.e., TDS deducted by us:
Party A/c Dr.
to TDS Payable A/c.
TDS Receivable A/c Dr.
To PartyA/c
For TDS Payable i.e., TDS deducted by us:
Party A/c Dr.
to TDS Payable A/c.
07 May 2012
Dear Mr. Gupta,
Thanx a lot for solving my query there is one another query in which i need your help when TDS Certificate is issued by the party for the last financial year TDS deducted, what will be the entry for the TDS Certificate received.
Kindly do the needful.
regards
Vikas Sethi
Thanx a lot for solving my query there is one another query in which i need your help when TDS Certificate is issued by the party for the last financial year TDS deducted, what will be the entry for the TDS Certificate received.
Kindly do the needful.
regards
Vikas Sethi
07 May 2012
Entry is passed at the time when TDS is deducted from us. No entry is required upon receipt of the TDS Certificate.
07 May 2012
sir,
As u said that no entry is required at the time of TDS certificate receipt than how to adjust TDS receivable Account because every time when i pass entry on deduction of TDS deducted by the party Dr. balance increases of TDS receivable A/c how to adjust the same at the time of finalizing my B.S.
As u said that no entry is required at the time of TDS certificate receipt than how to adjust TDS receivable Account because every time when i pass entry on deduction of TDS deducted by the party Dr. balance increases of TDS receivable A/c how to adjust the same at the time of finalizing my B.S.
07 May 2012
The balance will be reflected in Asset side of your balance sheet as it is just like advance tax paid. Adjustment will be done upon completion of the Income Tax Assessment.
So till the assessment is completed the balance will be shown in asset side of balance sheet.
So till the assessment is completed the balance will be shown in asset side of balance sheet.
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