CA Akshay Joshi (CA) (386 Points)
22 June 2012hi frndz
plz let me know in case of PVT LTD Company, TDS Receivable for AY 2011-12 be transferred to Reserve & surplus Account to close the TDS receivable account during current year under audit (ie AY 2012-13) and what treatment if refund gets from IT department, in respect of that TDS Receivable?
plz let me know ASAP
thnx
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 23 June 2012
You had made the Provision for Income Tax in the year. Adjust the refund from the same. It would further be adjusted with tax actually paid, advance tax so that the provision figure is completely zeroed.
CA Akshay Joshi
(CA)
(386 Points)
Replied 24 June 2012
hi Prateek Thnx for reply
but Previous Year No Income Tax provision has been made. and therfore TDS Receivable shown under Current Assets during PY but now Refund granted by IT Departt. which is short of TDS Amount.
so is it good practise to write off TDS Receivable to Reserve & Surplus account, or
(ii) IT refund adj agnst TDS Receivable and balance (which is short received) is write off P&L Account.
Thanks & Regards
ramana
(icwa inter completed)
(134 Points)
Replied 24 November 2012
Hi, i am confusing about tds receivable, i know tds payable what is that tds receivable how will it come
CAclubindia
