Tds on grooving charges
Querist : Anonymous
Where should TDS on Grooving Charges go in the Financial Statement(in trading or in P and L Account)
Querist : Anonymous
And Grooving charges must go to the Trading Account.....right
* **TDS deducted** is a **balance sheet item** (usually shown under Current Assets as TDS Receivable or Advances) until claimed/refunded.
* **Grooving charges** — since they relate to processing or modification of goods — would typically be recorded in the **Trading Account** (as part of direct expenses related to purchase or manufacturing).
So:
* Grooving charges → **Trading Account** (expense related to goods)
* TDS deducted on grooving charges → **Balance Sheet (Current Assets)**
Makes sense?
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