26 as reconcilation

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ganesh

article student

29 Points Joined March 2010

Hi, i recently joined a shipping company as accounts executive, and now we are going on with scrutiny for A.Y 2011-12. Now my management asks me to prepare for 26 AS reconcilation.

I am having 26 AS in excel format and having tally, actually our company used to pass the tds entry in tally whenever the debtor gives information of deducting TDS( no TDS certificates are issued by them), and in the end of the year depending upon the amount of tds deducted by debtors in 26 AS, our accountant passed entry for remaining amount by crediting the debtor.

Now due to scrutiny my management asks me to go on with 26AS reconcilation.

I am totally confused with what to do? So please guide me.

Replies (5)

CA Ashish Joshi

265 Points Joined August 2008

You have two bases for reconciliation for now.

1) Your tally data- TDS receivable

2) Form 26 AS

Now, you can check party wise total TDS. If any difference then demand Form 16A from that party.

CA Parul Saxena

8527 Points Joined May 2010

check the partywise ledger and ascertain how much amounts is recorded as TDS in one party account and compare it with 26as amount.record the difference and reverse as the case may be.In 26as the data is given vendor wise so you can easily compare it.