SIR
I wish to know about the presentation of TDS/TCS and tax which becomes payable after considering their effect?
Whether the total tax payable shall be deducted from PBT in P&L including the TDS which has already been paid.
or
Will only the payable tax be deducted from P&L and the TDS/TCS paid shall be shown as an asset in balance sheet?
For example: If PBT is 80,00,000 and TDS/TCS which has already been paid is Rs. 8,00,000 then the balance tax Payable would be deducted from PBT or will entire amount of tax on 80,00,000 will be deducted?
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Treatment of tds/tcs and tax payable in p&l and b.s.
Replies (3)
From profit before tax, total tax expense is reduced. That expense could be paid by you as advance tax and self assessment, or could be deducted by someone else as TDS.
Sir how about the disclosure of TDS/TCS in the Balance Sheet?
These are adjusted with tax provision amount and shown as liability or asset if there is refund.
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