Avail 20% discount on updated CA lectures for Dec 21 .Use Code RESULT20 !! Call : 088803-20003

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More


(Guest)

TDS payments disclosure in Receipts and Payments account

Hello members,

 

For example, when the TDS is deducted on salaries and paid, whether it will be shown as TDS paid or along with salaries cost?



 11 Replies

CA Kiran Sutrave

CA Kiran Sutrave (CA)     23 December 2019

It is to be shown as Statutory Payments (TDS). This is not to be clubbed with salary cost

1 Like
RAJA P M

RAJA P M ("Do the Right Thing...!!!")     23 December 2019

Yes... I agreed to Mr CA Kiran Sutrave.,

TDS on salary paid is not a salary cost. It's statutory activities after deducting in Salary amount...
Kapadia Pravin

Kapadia Pravin   23 December 2019

What do you mean by Receipts and Payments Account ?
Are you referring to Trust I/E Account ?
Are you referring to Fund Flow Statement ??
please let know Manish ji

(Guest)
Originally posted by : Kapadia Pravin
What do you mean by Receipts and Payments Account ? Are you referring to Trust I/E Account ? Are you referring to Fund Flow Statement ??please let know Manish ji

 

Yeah, I was asking about trust's accounts.

I'm in doubt how the nature of entity will affect the disclosure in it?

 

Thank you Kiran and Raja. For that I'll need to separate PF deductions also.

Kapadia Pravin

Kapadia Pravin   24 December 2019

TDS deduction A/c is a Balance Sheet item and has not anything to do with R&P Account or I&E Account.

At the year end, whatever unpaid TDS will be shown as outstanding liability (statutory).

The similar is for PF deduction.

(Guest)
Originally posted by : Kapadia Pravin
TDS deduction A/c is a Balance Sheet item and has not anything to do with R&P Account or I&E Account.At the year end, whatever unpaid TDS will be shown as outstanding liability (statutory).The similar is for PF deduction.

I was referring the TDS payments during the period. Are these shown separately or with respective expenses payments in R&P?

I didn't ask for TDS liability closing balance.

RAJA P M

RAJA P M ("Do the Right Thing...!!!")     24 December 2019

Yeah... Better to show it separately then We can check it as per percentage of deductions...
1 Like
Kapadia Pravin

Kapadia Pravin   24 December 2019

TDS deductions , PF deductions are not shown seperately in R&P / I&E Account.

They are mere deductions. Salary is a gross figure being shown under payments.

It is odd and inappropriate to show them seperately as expenditure /payments

They are employees money deducted from their salary for onward payment on their behalf to the Government.

They ( Deductions) are not expenditure ledgers.

Employer's contribution by default are a seperate payments in itself.
1 Like

(Guest)

Okay

Thanks

Kapadia Pravin

Kapadia Pravin   24 December 2019

👍 ok CA Manish ji
pravallika.bonagiri@gmail.com

pravallika.bonagiri@gmail.com   27 December 2020

Then what to do

whether TDS should be included in respective payment? Rather than showing seperately?


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Start a New Discussion

Popular Discussion


view more »







Subscribe to the latest topics :
Search Forum:

Trending Tags