Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 October 2011 Dear sir/madam,
after audit of firm it was observed that firm has not claimed a tds deduted by other party,in such case what adjustment entry will enter to provid the benefit to firm of tda recoveeable?

CA SUMiT PATWARi

CA SUMiT PATWARi (Expert)
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21 October 2011 Claim the TDS paid in the income tax return.
The firm can pass the entry in the next financial year in the books of accounts as for the current year the books of accounts have already been audited and closed.

Querist : Anonymous

Querist : Anonymous (Querist)

21 October 2011 Sir what entry will pass in such case.

Querist : Anonymous

Querist : Anonymous (Querist)

21 October 2011 Sir what entry will pass in such case.

Querist : Anonymous

Querist : Anonymous (Querist)

21 October 2011 Sir what entry will pass in such case?

CA SUMiT PATWARi

CA SUMiT PATWARi (Expert)
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21 October 2011 When you received the payment for an invoice of Rs 1000 you must have passed an entry for Rs900, considering Rs100 was TDS.

So now you have to pass Rs100 entry as follows:-
TDS(Asset) or Advance Tax .....Dr 100
To, Customer Account ..........Cr 100

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