TDS Receivables

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CA. SUDHARSAN K G

CA. SUDHARSAN K G (Querist)
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17 October 2007

Ravikumar.G

Ravikumar.G (Expert)
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17 October 2007 It can adjust after receiving of Assessement Order from the IT Dept.

Ramasubbu K

Ramasubbu K (Expert)
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18 October 2007 Since TDS receivable is in the nature of advance tax paid for the respective year, it is not necessary to wait till the receipt of assessment order from the department. You can treat is as advance tax and it can be adjusted in the tax provision and the balance tax provision can be shown in the balance sheet as (Provision for Taxation - Net of advance tax)

CMA Gul S

CMA Gul S (Expert)
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18 October 2007 It is Advisable to Adjust the same against the Assessment Order for the Particular Year, to have better Accounting Control and the Taxation Accounting

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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18 October 2007 Another way is to reflect the refund receivable from department only as balance in asset side of the Balance Sheet . This way you can keep a track of refunds from department .