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
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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...
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