TDS receivable meaning

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 .