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Tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 March 2012 dear all experts,
I WANNA ASK WHAT'S THE ENTRY OF TDS IN OUR ACCOUNT WITH REASON. I'M WAITING YOUR ANSWER WITH (FULL EXPLATION).

THANKS
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
05 March 2012 Bank A/c Dr.
TDS Receivable A/c Dr.
To Debtor

The reason for debiting TDS is that it is an advance recoverable in cash.

At the time of filing the income tax return, this TDS REDUCES our final tax liabilty (you can say some part of the tax liability has already been deposited with the department).

TDS deducted results in less outflow of cash towards income tax or in case of refund, results in an inflow of cash
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