Ceramic tiles and sanitary wares for building...

Methods of accounting........... Cash or Mercantile (accrual).

Originally posted by : Dhirajlal Rambhia
	Methods of accounting........... Cash or Mercantile (accrual).

Sir.,

But, They are maintain Books of accounts and also they maintain all outstandings in books

If partner has claimed it in his individual capacity, which should have been, then debit to partner's current account. Otherwise the same may be adjusted to P & L account.

I agree, the books of accounts are maintained as per Cash Accounting Method (and not as per Mecantile system).

Originally posted by : Dhirajlal Rambhia
	If partner has claimed it in his individual capacity, which should have been, then debit to partner's current account. Otherwise the same may be adjusted to P & L account.

Sorry Sir... I'm not understand  this one...

In case the Partner not file his returns then what...?

Please explain how to it's adjusting...?

Originally posted by : Dhirajlal Rambhia
	But, They are maintain Books of accounts and also they maintain all outstandings in books     I agree, the books of accounts are maintained as per Cash Accounting Method (and not as per Mecantile system).

Sir.,

In case the books of accounts maintained as per "MERCANTILE SYSTEM". But, The IT payments & ITR as per above way then any Penalize or Problems in Future...?

As the matter pertains to FY 2012-13, it hardly matters now, how the partners'  settles the issue. In case not objected by anyone, you can adjust it to P&L acc of the firm as non recoverable.

It is small amount as such, and already more then 2 years old. So, don't thing all about that.......

Originally posted by : Dhirajlal Rambhia
	It is small amount as such, and already more then 2 years old. So, don't thing all about that.......

Thank You sir...

1. The Partners are understands the matters... As per my view "It's any problem by ITD...?

2. The Customer will deduct TDS in Partnership firm from Jan-2018. Upto Dec-17 they deduct in Partnership account and depositted in Individual PAN...

The both are any problem in Future by ITD...?

" The Customer will deduct TDS in Partnership firm from Jan-2018. Upto Dec-17 they deduct in Partnership account and depositted in Individual PAN...  "

" The both are any problem in Future by ITD...?"

Yes, it is matter of litigation. When the services are provided by firm, TDS must be deducted in firm's account......... against its payments.

Must convince customer to rectify their TDS return, as it will help them too.

Auditors of both will raise the issue in their reports.

Sir.,

The Customer not ready for Revised the TDS Returns....

Also the FIRM filed their ITR for the AY 2013-14, 2014-15 & 2015-16...

What can I do now about the problems...?

What are the main activity by me for the problem related preparations...?

Please give solutions with Idea... The Partnership FIRM not under Audit upto now...

Thanks for your replies Sir...

As such it cannot be solved by any other means, but by rectification of TDS return/s by your customer. As the same will reflect in partner's individual PAN, he may get notice for not declaring the income in his personal account !!!

As on today, it will not reflect in firm's PAN and you cannot (and must not) claim its credit in firm's account, (to safeguard firm from interest and penalty, in future); and pay its tax liability without TDS credit. That is just as an good accountant, you can do.

Thank you for the detailed reply Sir...

I'm not take the credit of the TDS....

One more question Sir... If a Service bill Rs. 10k the customer deducted Rs. 100 (As above) and Paid balance Rs. 9900 to Partnership account against bills... The amount of Rs 100 (Also it's 2984) is outstanding in Customer Account...

But, the O/s amount deducted as TDS*. Now, What are the accounting treatments of the outstanding amount...?

For that you can create a new ledger may be as TDS (unrecoverable), under Provisions and debit the same.

Thank You Sir...