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Tds asset and self assessment tax

Statutory Audit 925 views 4 replies

I am doing statutory audit of a company. My query is regarding how to close TDS receivable of earlier years shown in trail balance. For provision for tax they are making the following entries:

Profit and loss a/c    DR              52737

              to provision for tax                52737

this entry is correct. but then they are transfering it to TDS receivable. 

Provision for tax     DR                  52737

              to TDS receivable 10-11     52737

In this manner provision for tax legder bal is nil. but stll the company having TDS asset  shown as

TDS receivable 10-11       174691dr ,

TDS receivable 09-10        16821 dr ,

TDS receivable 11-12        180000 cr

i want to close the tds receivable  10-11. how to proceed????

Plz Reply

Replies (4)

No, you cannot close TDS receivable without receiving refund....so as long as refund is not recived these Abalances to be c/f...

Originally posted by : Saurabh Maheshwari

No, you cannot close TDS receivable without receiving refund....so as long as refund is not recived these Abalances to be c/f...

when we hav to do self assessment tax to bank  entry?? and also notice for self assessmnt under section 142 is not recieved upto 3 yrs thenm wat we hav to do with those tds receivable which is standing in books prior to 3 yrs??

 

Agree with saurabh maheshwari.

TDS receivable account cannot be closd until it is refunded. 


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