TDS reversal entry

583 views
User Avatar

Account Executive
67 Points Posted on 28 October 2020
could you please tell me the entry of TDS reversal as we paid extra tax in financial year 2019-20?
1 Reply Share Follow
On 28 October 2020 at 17:48 Report
Replies (3)
Quick Summary
This discussion addresses whether a TDS reversal entry can be made for excess tax paid in FY 2019-20. The consensus is that a direct reversal entry is not possible. Instead, the excess TDS paid can be utilised in the subsequent financial year (FY 2020-21) and the excess amount should be shown as an asset in the books for FY 2019-20.

User Avatar

Accountant
3662 Points Posted on 28 October 2020
No, you can not make tds reversal entry

use excess tds paid amount challan in FY 2020-21
1 Reply
On 28 October 2020 at 18:02
User Avatar

CA
3430 Points Posted on 28 October 2020

You can consume excess amount in next year therefore and showexcess amount as an asset 

Reply
On 28 October 2020 at 19:10
User Avatar

CA
3430 Points Posted on 28 October 2020

in the year FY 2019-20

Reply
On 28 October 2020 at 19:12

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Gross total income
  2. Export Compliance
  3. Sale of plots in open land
  4. Income tax query
  5. Best CA Inter coaching in laxmi nagar
  6. HOW TO SELL SHARES OF PRIVATE LIMITED COMPANY SOME
  7. Unregistered Association of Persons (AOP) Agreemen
  8. Intimation u/s 245 of income tax act
  9. Ewaybill query
  10. IDS Refund: GSTR-2B Invoice Not Validated in State

More recent discussions | Post

Related Topics :

Loading