TDS assets

Quick Summary
This discussion clarifies when Tax Deducted at Source (TDS) is treated as an asset or a liability. Generally, if you are the deductor (the one withholding tax), TDS is a liability. However, if you are the deductee (the one from whom tax is deducted), the TDS amount becomes a 'TDS receivable,' which is recognised as a current asset. This asset can be verified using documents like Form 26AS, Form 16, or Form 16A.

Originally posted by : Yasaswi Gomes new
Yes it's AS standard. This is my game to ruin it naturally when proper guidance is not there :)

Ha Ha Ha ha Ha...

Bro,

He missed your name (I think typical mistake). 

But, You give ans with same way..

 

Good one... 🤗🤗🤗

Originally posted by : Yasaswi Gomes new
Ok! when I make income and TDS is deducted Ill make this entry

Dr. Bank

Dr. TDS receivable

Cr. Income

 

The entry is correct ya... So, I ask "SO"

Then what is your doubt in this entry.

No tds is applicable on expense. income at the end of the year is assessed.

But I usually recognise as and when the transaction occurs

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register