tds
This query is : Resolved
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..
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..
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
Other views welcome
Message likes :
1 times
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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR selection for salaries and capital gain less than L
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- ITR returnFY25-26
- BIS Certificates
- Itr 1 processing
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
