tds accounting treatment

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premsinghindian

premsinghindian (Querist)
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14 August 2010 plz tell me complete accounting treatment about tds,what is the best closing entry of this

Aditya Maheshwari

Aditya Maheshwari (Expert)
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14 August 2010 Not mentioned whether TDS deducted by you or by party.

For full details please search for tally 9 ERP manual for full details.

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premsinghindian

premsinghindian (Querist)
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14 August 2010 dear sir plz tell me accounting treatment in both cases.i m confused also about tds treatment in capital a/c and balance sheet

Aditya Maheshwari

Aditya Maheshwari (Expert)
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14 August 2010 There ideally should not be any balance in TDS payable a/c except for the month of March to be paid as per its due date. So there is no need to transfer the balance of TDS deducted.

In case of individual balance sheet transfer the TDS dedducted by clients to capital a/c in the year end. This is normally done.

Capital a/c to be debited and TDS a/c to be credited.

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premsinghindian

premsinghindian (Querist)
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14 August 2010 dear sir when we have 07-08,08-09 tds receivable in balance sheet who not refunded till date now some amount refund not fully what should be

Aditya Maheshwari

Aditya Maheshwari (Expert)
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14 August 2010 Some people do carry forward the balance of Income Tax refund due in loans & advances till the time refund is actaully given by the Income Tax department.

It can also be followed and you can also keep a track of which years Income Tax refund is due and has not been granted to the assessee. So this can also be done. No problem.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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14 August 2010 If some amount of refund is short received from the department on account of some disallowance in assessment or due to some computational error then the same should be trnasferred to the capital a/c.

If the same is due to short receipt of credit for TDS as claimed in the return and in the intimation then file for rectification of intimtaion u/s 154 so that full amount as shown in balance sheet as refund is received.

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