Can anyone help me what will be the accounting entries to square up the balances available in balance sheet for TDS Receivable (TDS deducted by Clients) for previous years say for the FY 2008 to 2010?. For Example balance sheet for the FY 2010-11 shows debit balance of Rs.5000 (TDS Receivable) for the FY 2007-08, Rs.50000 (TDS Receivable) for the FY 2008-09, Rs.100000 (TDS Receivable) for the FY 2009-10.
Regards,
Maria Joseph
Better to Show the TDS Receievable Separately for each year in the accounts till it is received ...
But if you want to have one cosolidated entry .. Debit TDS receivable a/c and Credit Each years TDs Receiavble A/c
TDS Receivable A/c Dr
TO TDs receivable 07-08
TO TDs Receivable 08-09
a/d to me u shd shw tds receivable for each year as it is until refund is recd
the following entries need to be passed:
In case of Liability:
Provision for Tax Dr xxxxx
To TDS Receivable xxx
to Advance Tax xxxx
If the above provision falls short then debit Income-tax paid A/c in the current year & credit Cash/bank A/c. If the provison isin excess then credit it to the P&L A/c.
In case of Refund:
Provions for Taxation Dr
Income-Tax Refund Receivable dr
to- TDS
to- Advance Tax
write-back the excess provision if any to P&L.
I have quary about TDS if 2019-20 FY i set the tds receivable 20000 but after next finacial year iam not received so how can i show in books In 20-21 and 19-20 has filed IT
CAclubindia
