Dear friends,
I have query regarding tds receivable, I forgot to the pass entry for tds receivable a/c while passing the entry for accrued interest on FD .
How can I correct it in next year if there is no matuarity or what will be the implication if FD will mature in next year
Check 26AS: Confirm the TDS is reflecting on the Income Tax portal for the correct year.
Adjust Books: Pass a journal entry in your current books to account for the TDS Receivable as a current asset, using a prior-period adjustment to avoid distorting current-year income.
File/Revise ITR: If the TDS is in your 26AS, file a revised return to claim the credit. Do not claim it if it is missing from your 26AS.
Bank Follow-up: If the TDS is not in your 26AS, contact your bank to ensure they have deposited it and filed the necessary TDS returns.
CCI
Pro
CAclubindia
