Tds in revised schedule vi
This query is : Resolved
22 October 2012
Where is TDS (done by others i.e. asset)shown in revised schedule VI?
22 October 2012
TDS and advance tax has to be set off against current year's tax provision and if the balance is debit, please show under'Long term loans and advances'.
22 October 2012
Thanks for your answer.
But I want to ask further why advance tax is shown in long/short term loans and advances?
But I want to ask further why advance tax is shown in long/short term loans and advances?
22 October 2012
You Mean to Say It Shoyld be Shown Under Current assets, Right ?
Yes You can Show It Under Current Assets Also as TDS refundable.
Yes You can Show It Under Current Assets Also as TDS refundable.
22 October 2012
My question was if TDS and Advance tax is set off against current year's income tax provision and only net balance is shown in balance sheet (revised),then why advance tax is shown in balance sheet under long/short term loans and advances?
23 October 2012
Items the benefit of which can be realized within the operating cycle of the business (normally 12 months) can only be classified under "Current" Assets - everything else should be grouped under "Long-term" Assets. It is unlikely that assessment of any year would get completed within 12 months from Balance Sheet date, this is the reason that Advance Tax or TDS refundable is shown under "Long-term" items. Only amounts relevan to orders already passed may be shown under "Current" Items - these are the recommendations of the ICAI also - refer FAQ No. 31.
23 October 2012
thanks for the answer.
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