Tds receivable

This query is : Resolved

Neha Mishra (Querist)
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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

Nikhil Kaushik (Expert)
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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"

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