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TDS RECEIVABLES

Rahul Gupta (CA Final Student) (1780 Points)

22 March 2008

WHERE WE HAVE TO TAKE TDS RECEIVABLES IN THE BALANCE SHEET OR P&L
A/C ?

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14 Replies

Prasad R (CA Final) (2128 Points)
Replied 22 March 2008

TDS receivables have to be shown in the balance sheet in the asset side until the Income Tax assessment is finally complete.TDS receivables for different years have to be shown seperately in Balance Sheet for different years.it has to be finally adjusted with the actual income tax liability once the assessment is complete.It has to refelect in the Balance Sheet in the asset side. It can't be shown in the P & L A/C.

If i'm wrong somewhere do let me know.

Rahul Gupta (CA Final Student) (1780 Points)
Replied 22 March 2008

As far as i know it can be recorded only in balance sheet..aseet side...under the heads current assets. rest my friends view is gr8..!~

(Guest)

TDS AMOUNT MUST BE ADDED TO THE AMOUNT RECEIVED AFTER TDS SO THAT TOTAL INCOME WILL BE APPEAR IN P/L A/C.THEN TDS AMOUNT WILL BE SHOWN IN ASSETS SIDE OF THE BALANCE SHEET.IF STILL TAX LIABILITY ARISES BECAUSE OF OTHER HEADS OF INCOME,TDS AMOUNT WILL BE TEDUCTED FROM THE CAPITAL A/C IN THE NEXT YEAR.

tdn1234 (FC) (24 Points)
Replied 18 January 2009

Dear All,

I would just like to clarrify on the above statements :

(a) Service Provided.

Customer A/c Dr. 90000

TDS Receivable Dr. 10000

To Sale (Services) 100000

(b) On Receipt of Payment

Bank 90000

To Customer 90000

tdn1234 (FC) (24 Points)
Replied 18 January 2009

Originally posted by :tdn1234

Dear All,
    I would just like to clarrify on the above statements :
    (a) Service Provided.
     Customer A/c Dr.   90000
      TDS Receivable Dr. 10000
              To Sale (Services) 100000
    (b) On Receipt of Payment
     Bank   90000
     To Customer 90000

pls. clarrify on the same.

payal (student) (106 Points)
Replied 18 January 2009

IT MUST BE SHOWIN ON THE ASSETS SIDE OF THE BALANCE SHEET UNDER THE HEAD CURRENT ASSETS

Yogesh Gupta (Service) (26 Points)
Replied 29 January 2009

TDS Receivable should be shown under Loan & Advances Head in Balance Sheet assessment year wise until assessment procedure does not completed along with advance tax and it should be nillified after the assessment.

it should not be shown in P & L A/c

(Guest)

Originally posted by :Prasad.R
"	TDS receivables have to be shown in the balance sheet in the asset side until the Income Tax assessment is finally complete.TDS receivables for different years have to be shown seperately in Balance Sheet for different years.it has to be finally adjusted with the actual income tax liability once the assessment is complete.It has to refelect in the Balance Sheet in the asset side. It can't be shown in the P & L A/C.If i'm wrong somewhere do let me know.	"

that amount is assets of a co until receipt, after that it will be adjusted with receipt. If there are any loss amount which was not recovered from IT dept then it should be reflected in P/L A/c as expenditure in respective years of receipt

>>Rajesh

Navin (Practicing CA) (35 Points)
Replied 16 March 2009

can tds refundable be adjusted against payable??

Rahul Vijay Jambhalekar (Direct Tax Manager) (37 Points)
Replied 15 February 2018

but what is grouping?

sai kumar n (6 Points)
Replied 13 December 2018

But of how many years TDS Receivable can be shown in the books as an asset.If TDS Receivable of 20 we have in the books in the previous year.And the assessment has not been done for all the 20 years.Then we should maintain all those 20 years TDS Receivable in the books separately aa in the current year also. ??

sai kumar n (6 Points)
Replied 13 December 2018

No it cannot be adjusted.TDS Receivable can be adjusted only against Tax Liability of that particular year.If no tax liability exists in that particular year then we will get refund of the amount of TDS Receivable.

CA Anwes, CMA (Ca & CMA) (172 Points)
Replied 01 March 2020

Thanks for the clarification. can tds receivable also be a non current liability. Or always classified under current liability?

Indira Priyadarsini Kota (Practice) (590 Points)
Replied 20 January 2021

TDS receivable for all the years should be shown separately for each year under current assets until the assessment of the same is done. Once assessment is done, it is to be transferred to P&L Account. Even if it is for 20yrs.