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tds

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(Querist)
27 January 2011 i hav read in one of the book
that TDS (paid on income) is written in balance sheet under loans & advances ....

but y not debit it to profit & loos A/c ???
though it is paid by company..


thanksss..
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Vivek Raju P

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Vivek Raju P (Expert)
28 January 2011 Tax is a charge on profit and not charge against profit. In the sense it is a kind of appropriation of profit and not a kind of expense,that is why it is shown after the net result in P&L.

Other views welcome
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Vishal Sharma

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Vishal Sharma (Expert)
28 January 2011 TDS is not an expense rather it is deducted from income, the benefit of which we receive in future either by getting refund in cash or adjustment towards Tax Payable, hence it is shown under loan & advances as benefit willbe received in future.
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