Accounts head

This query is : Resolved

Dheeraj Kaushik (Querist)
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25 March 2012 Dear Sir,

Please advice me under what accounting head following ledger should open
1. Service Tax Account
2. Service Tax Payable
3. Excise duty payable
4. excise duty receivable
5. TDS payable
Thanks with regards

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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25 March 2012 Service tax payable, excise duty payable and TDS payable are to be shown under Duties & Taxes (Current Liabilities).

Service tax account and excise duty receivable are to be shown under the head current assets.

CA. Aryendra

CA. Aryendra (Expert)
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25 March 2012 Agree with Siddhartha ji

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CA. RAVIKUMAR

CA. RAVIKUMAR (Expert)
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26 March 2012 Agree wit Expert addition to that.......... if Service tax is your expenses which you are not claiming (like Service tax on outward freight) then that Service tax account is an indirect Expenses.