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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TDS having less amount Adjustment Entry
Replies (4)
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 .
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 .
You means if there is no refund case...then tds receivable will be written off as indirect expenses..
Am I Right ??
Am I Right ??
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)
Bank A/c Dr. 50/-
To Income Tax refund A/c Cr 50/-
( refund credited)
No refund ( TDS receivable ) is your loss therefore , same will be debited to profit & Loss A/c
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