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Help!!
Wat z d treatment of TDS in case of an individual?
its very confusing!!
Replies (6)
There will be two cases
1.Tds receivable (Tds deducted by debtors/customers)--available in PAN account-26AS.(It is an Asset)
2.Tds Payable--Tds deducted by an individual need to pay department--available in TAN account-challan status enquiry..(It is a liability).
Ex:- Tds receivable-----------------------
Debtors A/c Dr
Tds receivableDr
Income a/c. Cr
2.Expense A/c Dr
Tds payable Cr
Creditor. Cr
Each entry two balncesheet items and one is p&l item.
If you put your query more specifically , the answer can be given with more conceptual and technical clarity
Suggestion on tax on salary
TDS receivable against TDS certificate also known as advance tax paid.TDS payable is liability on behalf of service provider.
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