TDS Treatment
This query is : Resolved
13 May 2011
We are a partnership firm. Our TDS on Interest on FDR was deduct. How should we treat it in the final accounts? Please guide me.
13 May 2011
TDS deducted from you will be shown in Assets side of balance sheet under the head Loans & Advances.
The TDS amount will be claimed in by you as Tax Credit in your Income Tax Return. On assessment TDS Receivable and Tax Paid will adjusted against provision for Taxation.
The TDS amount will be claimed in by you as Tax Credit in your Income Tax Return. On assessment TDS Receivable and Tax Paid will adjusted against provision for Taxation.
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