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Tds receivable

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Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2013 Dear sir,
Iam working in a partnership firm as an accoutant.In their account I found in the current asset group the following amounts are lyeing as debit balance.
TDS receivable - 10-11 ---- Rs.79345
TDS receivable - 11-12 ---- Rs.122516
TDS receivable - 09-10 ---- Rs.43418
Please advice me whether I can transfer these amounts to partner's capital account by dividing their percentage vise.
Please reply back at the earleist.

Rupesh Jain

Rupesh Jain (Expert)
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23 July 2013 pls check with computation of income tax of firm if all tds amount already adjust with liability
then you have to divide in profit & loss ratio
otherwise wait for refund cheque

Querist : Anonymous

Querist : Anonymous (Querist)

23 July 2013 Thanks for the quick reply.Also please note that in the year 2010-2011 an amount of Rs.40610/- has not been taken into consideration while computation. Shall I can take this amount for this year 2012-13 computation.
Please reply back at the earleist.

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