TDS is generally payable since the same is deducted and paid to the government.
What does TDS Receivable for FY 17-18 Or any previous FY means?
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TDS receivable meaning
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Quick Summary
TDS receivable means , TDS deducted by party/ Trade debtors at time your company or Firm receive payment from them, for example if your firm has given professional consultancy services to party , then at time of receiving payment from party, they will deduct TDS under section 194 H of the income tax Act and pay balance amount to you. so entry in your books will be
Trade Debtors A/c Dr
To Professional Charges A/c Cr
( Income booking entry)
Receipt of payment entry
Bank A/c Dr
TDS on professional charges A/c Dr
To Trade Debtors A/c Cr
( receipt of payment after TDS deduction)
So TDS on professional charges is your TDS receivable , same will be shown in on Asset side balance sheet .
Please correct above mentioned Income tax section 194J instead of 194H of the Income tax act .
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