hey frenz,
can u help me in 1 thing,
tell me that when i book my interest receivableon 31st march will i show the entry of tds receivable in my books or just the exact interest(i.e. including tds receivable)
can any1 help me in this matter,
with regards,
shobhit
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whethet to book tds receivable or not on 31st marc
Replies (2)
YES. OTHERWISE YOU WILL NOT BE ABLE TO CLAIM CREDIT OF TDS RELATED TO FY 2006-07 ( AY 2007-08) IN THE FOLLOWING FY.
YOU MAY ACCOUNT FOR AS FOLLWOING:-
INTT INCOME - WITH FULL AMOUNT
TDS RECEIVABLE A/C - TDS AMOUNT
BANK A/C OR INTT RECEIVABLE A/C - WITH NET AMOUNT
Yes , The view of Chandan is correct .
Pl pass the following Entry--
Int Receivable Dr
Tds Receivable Dr
To Int Inncome
Please pass this entry after doing reconciliation of your records and the Bank or other Statement . So collect one bank or other statement for knowing the int receivable .
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