Tds receivable prior years

7119 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 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 20 June 2026
Articleship

RB KESHRI & CO

Mumbai

B.Com

View Details
Company
24 June 2026
Senior Account (VA Client Operations)

Karbon Business

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 27 June 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
Article Assistant or Paid Assistant

VIKAS VERMA & CO

New Delhi

Others

View Details
Company
22 June 2026
Accountant

Global Image Technologies Private Limited

New Delhi

MBA

View Details
Company
24 June 2026
Chartered Accountant

CA Darshita Shah & Co

Nadiad

CA

View Details
Company
Featured 15 June 2026
Senior Auditor

N. Dhawan & Co

New Delhi

CA Inter

View Details