TDS MATTERS
This query is : Resolved
maheshkulkarni
(Querist)
15 May 2008
As relate to the company who is in receipt of Form 16A forms from the parties who have deducted TDS, The TDS receivable account under various parties should be closed, if yes how the accounting entries is to be passed.
I have got a view from te accountant that these accounts will be kept till the assessment is done.
Is it correct?
All these points have arisen during the course of Statutory audit of the company.
Kindly advice and thanks in advance.
I have got a view from te accountant that these accounts will be kept till the assessment is done.
Is it correct?
All these points have arisen during the course of Statutory audit of the company.
Kindly advice and thanks in advance.
CA. Yayati Tyagi
(Expert)
15 May 2008
In my opinion, when you make the entry of income tax expense for a year in your books, you should adjust all such accounts like tds receivable and advance tax (both accounts for that year), with that expense and balance should be trfd in tax payable or tax refundable a/c, as the case may be.
example:
income tax exp. dr. 900
tax refundable dr. 100
to advance tax 800
to tds receivable 200
means you make entry simply as you have shown tax in your i.t. return.
you don't need to kept open these account merely due to assessment, tds certificates will cater to that purpose.
example:
income tax exp. dr. 900
tax refundable dr. 100
to advance tax 800
to tds receivable 200
means you make entry simply as you have shown tax in your i.t. return.
you don't need to kept open these account merely due to assessment, tds certificates will cater to that purpose.
13 November 2008
I have the same opinion
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
- Gst credit note by supplier
- Missed uploading GST Invoice
- GST on reimbursement of expenses
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
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
