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Whether tds receivable is a profit and loss account when there is loss

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 July 2013 Dear Sir,
One of my client has incurred loss during last FY. Also there is no tax liability. But some parties has deducted TDs during the year. How I should cosider it while preparing FS?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
15 July 2013 It remains under tax receivable only under other current assets. you can file the return and take refund from department, till that time asset only
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Hemant Kumar

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Hemant Kumar (Expert)
16 July 2013 Agree with Expert. You have to show it as a TDS Receivable(Current Asset).
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Querist : Anonymous

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Querist : Anonymous (Querist)
27 July 2013 Thank you all
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