Accounting of tds
This query is : Resolved
16 June 2014
In case of Individual...what would be the entry of TDS Deducted mean how to show in capital A/c and balance sheet
Guest
Guest
(Expert)
16 June 2014
it will be part of your current asset as advance tax deposited
16 June 2014
it will be shown in capital a/c debit side for ind............
16 June 2014
I know....but what will be the final entry after adjusting Income tax from TDS...
16 June 2014
you need to adjust finally in capital a/c only it will not come in bal sheet unless something is rec or payable....here u said u are adjusting
16 June 2014
you need to adjust finally in capital a/c only it will not come in bal sheet unless something is rec or payable....here u said u are adjusting
16 June 2014
you need to adjust finally in capital a/c only it will not come in bal sheet unless something is rec or payable....here u said u are adjusting
Guest
Guest
(Expert)
16 June 2014
then it will be adjusted only from capital a/c... nun else
16 June 2014
see if you create an entry for current asset, then you will need to set-it off against the tax payable for the year. alternatively, just transfer the same to capital account to nullify the entry in the books.
in capital account the same can be adjusted against the final tax liability
in capital account the same can be adjusted against the final tax liability
17 June 2014
Dear sir.....your alternate option is that first debited the capital account with full tds amount and then credited by net tds receivable amount...right
17 June 2014
yes debit the capital a/c
and credit the TDS receivable a/c
and credit the TDS receivable a/c
17 June 2014
yes that is waht I mean Sarita Ji.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Disallowance of Section 43B(h) to sez units
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- GST Regis.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Confusion around Form 26QB fields
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
