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..
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
Other views welcome
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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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