query related to TDS

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23 Points Posted on 10 October 2007

  Hi Friends,

If TDS is mentioned on the debit side of the ledger, then we show it in the loans and advances heading or if it is mentioned in the credit side, then we show it in the Loans and advances payable heading, CAN anyone tell me the reason for this? (The firm is a partnership firm)

Hey there is one more question. Why we show TDS in the assets side?

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On 10 October 2007 at 17:25 Report
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Chartered Accountant
4772 Points Posted on 10 October 2007
TDS is nothing but advance tax paid by you ....so it is advance also an asset
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On 10 October 2007 at 19:46
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462230 Points Posted on 10 October 2007
TDS Liabilty is collected but unpaid in govt treasury(which needs to paid) TDS Assets... Client deducted on bills paid by them which is as good as tax paid in advance ... I hope it is clear to u
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On 10 October 2007 at 20:03
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462230 Points Posted on 10 October 2007
Yaar when others deduct tds from payment they make to you it is in the nature of current assest (just like advance tax paid) i.e. a debit balance while when you deduct tds from payments you make to others it is tds payable i.e. its a credit balance unless you pay the same to the credit of govt.
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On 10 October 2007 at 23:17
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462230 Points Posted on 11 October 2007
if we show it as a current asset how do we claim in it the current year????? do we pass an entry when we claim... instead we can show it under indirect expenses and add back as an inadmissable and adjjust it off against the tax liability... isnt it???????
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On 11 October 2007 at 18:55
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462230 Points Posted on 03 June 2008

Is tds deducted on indirect expenses????

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On 03 June 2008 at 13:03
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462230 Points Posted on 03 June 2008

Can u send me the tds rates of company????

 

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On 03 June 2008 at 13:07
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462230 Points Posted on 03 June 2008

Can u tel me about the service tax rates?????

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On 03 June 2008 at 13:22

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