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TDS having less amount Adjustment Entry

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118 Points Posted on 11 July 2023
How to make TDS adjustments entry..

Previous Year TDS was Rs.50
and No Income Tax was Payable.

Rs.50 not refunded in bank as it is less than Rs.100

Then how to write off this amount in accounts of book  ??
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On 11 July 2023 at 08:29 Report
Replies (4)
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GST Practitioner & Accounts
15083 Points Posted on 11 July 2023
Income tax refund A/c Dr 50
To TDS receivable A/c Cr. 50
( No tax payable, refund Case )

TDS receivable written off Dr A/c 50/-
To Income tax refund A/c Cr 50/-
( TDS receivable written off)

TDS receivable written off A/c will be under Indirect Expenses P & L A/c .
24 Reply
On 11 July 2023 at 09:01
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118 Points Posted on 11 July 2023
You means if there is no refund case...then tds receivable will be written off as indirect expenses..
Am I Right ??
1 Reply
On 11 July 2023 at 09:05
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GST Practitioner & Accounts
15083 Points Posted on 11 July 2023
Yes Correct , If you get refund, then instead of written off A/c , Bank A/c will be debited.

Bank A/c Dr. 50/-
To Income Tax refund A/c Cr 50/-
( refund credited)
24 Reply
On 11 July 2023 at 09:11
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GST Practitioner & Accounts
15083 Points Posted on 11 July 2023

No  refund ( TDS  receivable )   is your  loss  therefore  , same will be  debited  to  profit  & Loss  A/c 

24 Reply
On 11 July 2023 at 09:29


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