Treatement of Balance in TDS A/c
This query is : Resolved
27 March 2010
Dear experts
Please what will be treatment for TDS amt appearing in the balance sheet for the Fin. year 2006-07. The Assessment is complited and there will not be any amt of refund pending from income tax as per the their records. What effect should be given in books of account and their treatment. Same way balance left in FBT account also.
Please guide me on this matter.
With regards
Ramesh Chandra Pusola
Please what will be treatment for TDS amt appearing in the balance sheet for the Fin. year 2006-07. The Assessment is complited and there will not be any amt of refund pending from income tax as per the their records. What effect should be given in books of account and their treatment. Same way balance left in FBT account also.
Please guide me on this matter.
With regards
Ramesh Chandra Pusola
27 March 2010
TDS Receivable can be adjusted with Provision for Income tax/ Income Tax A/c.
Same treatment of FBT paid.
Same treatment of FBT paid.
27 March 2010
The balance should be written off below the line. i.e. Expenses should be recoreded as Tax related to earlier years.
Entry will be:
Direct Tax related to Earlier Year
To TDS/FBT Advance tax paid.
As the amount is not recoverable you have to charge it to P&L Account.
Entry will be:
Direct Tax related to Earlier Year
To TDS/FBT Advance tax paid.
As the amount is not recoverable you have to charge it to P&L Account.
27 March 2010
agree with expert
27 March 2010
agreed
29 March 2010
hey Experts....Agreed with whome....??? you should mention otherwise the seeker will be confused...!!!
To whome so ever it may concern....!!!
i am agree with my opinion
To whome so ever it may concern....!!!
i am agree with my opinion
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