Tds in revised schedule vi

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kamal kishore

kamal kishore (Querist)
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22 October 2012 Where is TDS (done by others i.e. asset)shown in revised schedule VI?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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'.

kamal kishore

kamal kishore (Querist)
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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?

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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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.

kamal kishore

kamal kishore (Querist)
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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?

Rathin Roy

Rathin Roy (Expert)
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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.

kamal kishore

kamal kishore (Querist)
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23 October 2012 thanks for the answer.

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