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Tds query

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 August 2012 a person has a proprietorship business & providing service of providing manpower to various organisation. service receiver has deducted tax so that tds claim(dr bal)where to be shown in b/s. that person filed last yr return by showing presumptive income u/s 44AD.

tax (incl. ec & shec) 10000
tds 30000
refund 20000.


how this refund to be shownin books when claimed & when recd from income tax department.
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CA. Subhash Dangi

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CA. Subhash Dangi (Expert)
31 August 2012 If U are maintaining books of accounts, whatever TDS deducted from service receiver and IT paid etc to be shown as TDS/Advance Tax under Current Assets.
On receipt of refund by IT dept on Assessment of Income,same should be credited to TDS/Advance Tax and any remaining balance should be debited or credited to P&L account.
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