Tds
This query is : Resolved
Querist : Anonymous
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
I WANNA ASK WHAT'S THE ENTRY OF TDS IN OUR ACCOUNT WITH REASON. I'M WAITING YOUR ANSWER WITH (FULL EXPLATION).
THANKS
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
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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