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lets assume we have tds Rs 10000 standing in our balance sheet in the dr. side at the year ended march 2010.

next year tds account wil show Rs.10000 as opening balance.Then what entry should be done to reverse the entry of 10000 so that our tds account balance should be nil because it is tds of previous year.

pls tell me the entry in both case company and proprietory concern.

Debtor a/c  dr     xxx

tds a/c  dr           10,000rs 

    To  Income a/c      xxx 

Reversal of TDS will be done when the income from which tds is made becomes taxable

So, as u said if income is not taxable in the current  year tds is carry forwarded 

in the nex year when it became taxable 

Income tax payable a/c   dr     xxxxx

     To TDS a/c                       10,000 rs

     To cash a/c                         xxxx

     To advance tax a/c             xxxx

Originally posted by : ashish gupta
	In the month of March U must have done the following entry B ltd Dr.                               9800 TDS Receivable A/c Dr.   200 To Income from Services               10000 Now Receiving of TDS certificate does not mean that you have got the Tax amount. You have to adjust the TDS amount with your income tax liability for the year and probably make the following entry. Income tax Dr. To TDS Receivable A/c To Bank A/c

Agree with Ashish Gupta 

Entries for the both FY are

at the time of billing

   Party A/c..........................Dr  10,000

   To Income A/c......................... 10,000

    (being bill name raise to this party)

 at the time of receing tds certificate

    TDS Receivbale (Current Assets)................Dr  200

   To Party A/c..........................200

    (being party deduct tds)

 at the time of payment recd

   Bank / Cash A/c .......................Dr  9800
   To party A/c................................................9800

 (being ch no 123456 recd from a party)