Dear All Friends
I have issued Labour bill of Rs.25000/-. My customer Deducted TDS on Labour Bill @ 2.06%. Now I want to know, Wwhich JV passed I have to passed in my A/c Book?
If I take as a Advance Tax in Balance Sheet. But End of year Which JV I should passed in my A/c Book (Proprietor Firm)?
Please reply as soon as.Thanking you in advance.
Regards
KVP
JV WILL BE AS PER FOLLOWING:
Customer A/c Dr. 24485
TDS Receivable Dr. 515
To Labour Charges Received Cr 25000
Adjusment entry only done from its assessment order pass from I T Department.
Just account the amounts of TDS which u received during respective year.
Hello KVP,
Please find attached file for your perusal
Regards
Deepan Chakravarthy.E
| Originally posted by :Deepan Chakravarthy.E | ||
| " | Hello KVP, Please find attached file for your perusal Regards Deepan Chakravarthy.E |
" |
| Originally posted by :Deepan Chakravarthy.E | ||
| " | Hello KVP, Please find attached file for your perusal Regards Deepan Chakravarthy.E |
" |
Thanking you for your response immediately.
As per your JV Income Tax A/c Dr and TDS Receivable A/c Cr. when I will become liabilty of Income Tax in A.Y.2009-10. Am I right?
As per my point of view If I show Income Tax A/c Dr. in P&l A/c in Next year Accounting Period i.e.2009-10. As per I.T rules it become disallow my Income tax entry and I want to pay more Tax in this entry. Bcz. this entry such not of F.A.Y.2009-10.
Can I take this entry into direct capital A/c when I paid Income?
Capial A/c Dr. 10515
To TDS Receivable A/c Cr.515
To Bank A/c Cr 10000
Regards
KVP
| Originally posted by :Md.Mosharraf Ali Raza | ||
| " | tds of one assessment year will not be adjusted with income tax of other assessment year................... for example in assessment year 08-09 your toatal income tax liability is rs 10000 and your tds is Rs. 5000 then you have to pay only 5000 extra.. incase if your total income tax liability is Rs.3000 then you will not requierd to pay any tax But in both case you have to show your tds in the balance sheet in asset side of Rs.5000 till your assesment get completed... when your assessment will complete you have to transfer TDS amount Of Rs. in your capital account.... If you get any refund from I.T department then you will credit this directly to capital account but interest on refund will go to p/l account since its taxable |
" |
Dear Ali Raza
When I recevied assessment order from IT department? It will take long time for assessment.
Can I pass this JV i.e.TDS Rece. A/c transfer to Capital A/c when I will paid the Income tax?
pl. reply.
Hello KVP,
This is another file for you.
Regards
CAclubindia
