TDS Receivables
This query is : Resolved
17 October 2007
17 October 2007
It can adjust after receiving of Assessement Order from the IT Dept.
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)
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
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 .
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Under construction property in ITR
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- Booth for sales promotion
- ITR 4 OR ITR 3 WHICH FORM CHOOSE
- Average Cost Of High Quality Diamonds
- TAX AUDIT QUESTION
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- LIABILITY ADJUSTMENT
- Capital Gains on sale of residential flat
- Accounting with Claude
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
