Tds receivable
This query is : Resolved
Neha Mishra
(Querist)
02 June 2014
dear sir we have got income tax refund Rs.5000 interest say Rs. 200 in balance sheet Tds receivable Rs. 5000 shown under current assets
how can I pass the jv in tally further should I transfer it to capital a/c if we are In proprietor ship business
Nikhil Kaushik
(Expert)
02 June 2014
you need to pass the following entries:
1. Bank A/c Dr Rs 5000
To TDS receivable A/c Rs 5000
2. Bank A/c Dr Rs 200
To Interest on tax refund A/c Rs 200
In the assessment year corresponding to current financial year, Rs 200 is to be offered to tax under "income from other sources"
1. Bank A/c Dr Rs 5000
To TDS receivable A/c Rs 5000
2. Bank A/c Dr Rs 200
To Interest on tax refund A/c Rs 200
In the assessment year corresponding to current financial year, Rs 200 is to be offered to tax under "income from other sources"
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