Tds receivable prior years

A/c entries 6993 views 4 replies

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

 

Replies (4)

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 


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