Tds entry adjustment in accounting
This query is : Resolved
SUMIT GADHAVE
(Querist)
29 December 2018
i have TDS Credit of Rs. 5420/- for FY 2017-18 which i have shown on Balance sheet. Now in FY 18-19 i have received Refund of 3300 /- adjusting the credit . Please help me for accounting entries in the books of proprietor.
Gokul Sharma
(Expert)
29 December 2018
BANK ACCOUNT DR 3300
TO TDS ASSET AY 18-19 3300
TO TDS ASSET AY 18-19 3300
Message likes :
1 times
SUMIT GADHAVE
(Querist)
29 December 2018
But sir how to close Rs. 5420 /- tds credit balance by accounting entry . My tax payable was 2120/- and i have excess tds credit which refunded to my bank account so please, help to show 2120/- liability through accounting entry and closing rs 5420/- in Books
29 December 2018
Are you book Income Tax Payable Rs. 2120 in Py...?
If Yes then transfer the balance TDS amount (5420-3300 = 2120) Rs 2120 to Income Tax Payable account. Then it's tallied.
or
transfer to Capital account...
If Yes then transfer the balance TDS amount (5420-3300 = 2120) Rs 2120 to Income Tax Payable account. Then it's tallied.
or
transfer to Capital account...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- Non filing of I T Returns
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- TDS on Fixed Assets purchased
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- Oct 2025 Invoices
- GST on Renting godown to KFCSC for Storage of Raagi
- TAX AUDIT ON PROFESSIONAL INCOME
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Import of Software Service.
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
