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TDS

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(Querist)
21 March 2009 A partnership firm has received payment of Rs 50000 after TDS of Rs 5000. Now it has charged the TDS in the P/L appropriation Account and after that net distributable profit has been divided in the profit sharing ratio. Whether the above accounting treatment is correct? If not please advise what should be done?
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Ram Avtar Singh

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Ram Avtar Singh (Expert)
21 March 2009 TDs paid 5000 is current assets it will add with advance tax.TDs certificate required
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