Doubt: Accounting for TDS Receivable once Assessment is made
For Eg: i have a TDS Receivable as asset in bs fro three Ays (11-12, 12-13, 13-14) around 3Lakhs. now during ay15-16 i the assessment has been done and the tax has been refunded. as 11-12 - 2lakhs, 12-13-2.5 lakhs and 13-14 1lakh.
now how do v adjust the TDS receivable in the balance sheet?
| Originally posted by : CA SACHIN | ||
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It should debited to provision for income tax |  |
since theres no provision for taxation as there is no income?
and since its a partnership firm can this be adjusted again the capital of the partners?
CAclubindia
