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 .
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