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Tds in current assets side

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(Querist)
02 September 2017 HOW CAN I SQUARED UP TDS OF PREVIOUS YEAR ON ASSETS SIDE OF BALANCE SHEET IN NEXT ACCOUNTING YEAR?
PLEASE EXPLAIN....
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Ashiwini Ballodia

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Ashiwini Ballodia (Expert)
02 September 2017 It should be adjusted with Income tax provision & TDS refund if any
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Lavesh Khatri

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Lavesh Khatri (Querist)
07 September 2017 can you explain with an example sir..
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Ashiwini Ballodia

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Ashiwini Ballodia (Expert)
07 September 2017 If you claim the refund, than the enter will be at the time of refund will be Bank A/c Dr 110 To TDS Receivable 100 To Int onIT Refund 10
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Ashiwini Ballodia

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Ashiwini Ballodia (Expert)
07 September 2017 If provision for tax created at the year end than the entry will be IT Provision Dr **** To TDS Receivable. *** To Advance Tax *** To Bank ***
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