Tds receivable - its urgent

A/c entries 3361 views 3 replies

hi 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

Replies (3)

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.

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

Hi,  i am confusing about tds receivable, i know tds payable what is that tds receivable how will it come 

 


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