Tds treatment of company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 September 2013
Dear,
the tds of company has been deducted e,g 20,00,000 and my IT liability is 15,00,000
in above case what will be the treatment in tally for tds deducted which is on assets side ..
please tell me the accounting entry with explanation with e.g...
thanks
the tds of company has been deducted e,g 20,00,000 and my IT liability is 15,00,000
in above case what will be the treatment in tally for tds deducted which is on assets side ..
please tell me the accounting entry with explanation with e.g...
thanks
11 September 2013
Make provision:-
Income tax (P & L)Dr............1500000
To Provision for Income tax......1500000
Adjust tds against provision:-
Provision for Income tax Dr.........1500000
Refund receivable...................500000
To TDS deducted..................2000000
Income tax (P & L)Dr............1500000
To Provision for Income tax......1500000
Adjust tds against provision:-
Provision for Income tax Dr.........1500000
Refund receivable...................500000
To TDS deducted..................2000000
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