3924 Points
Joined December 2017
Not only equity personal Account , Trade Creditors and Trade Debtors , Bank Account , prepaid expense , Accrued Income , outstanding expense , Advance received are also personal Account .
TDS deducted by us is liability to pay in GOVT account so it's liability ,on the Contrary TDS deducted by party falls under Asset side because it paid before the assessment paid in advance . TDS is fall under Income Tax at same time TDS deducted under section 51 of the CGST act 2017 is fall under GST .
Income Tax paid after audit & assessment is Nominal Account