Accounts Presentation
This query is : Resolved
01 October 2010
Dear Sir/madam,
I want to clarify one doubt regarding Presentation of Accounts.
i.e. M/s.ABC Ltd providing consultancy services & received the amount after TDS.That TDS was accounted by ABC Ltd under head of Loans & advances(assets).That doing accounted the TDS for the Past two years under the same head.When it will be utilized?Actually every year it use the TDS when compute the Tax Liability(Tax payable-TDS=Self Assessment Tax).But there is no entry provide for that.Actually how it should be presented in the accounts of a company?
S.Jegadeesan.
I want to clarify one doubt regarding Presentation of Accounts.
i.e. M/s.ABC Ltd providing consultancy services & received the amount after TDS.That TDS was accounted by ABC Ltd under head of Loans & advances(assets).That doing accounted the TDS for the Past two years under the same head.When it will be utilized?Actually every year it use the TDS when compute the Tax Liability(Tax payable-TDS=Self Assessment Tax).But there is no entry provide for that.Actually how it should be presented in the accounts of a company?
S.Jegadeesan.
11 March 2011
The entries should have passed as :
Income Tax Dr.
To Provision of Income Tax Cr
Provision of Income Tax Dr.
To TDS Cr.
To Self Assessment Tax Cr.
Self Assessment Tax Dr.
To Bank Cr.
Anuj
9810106211
Income Tax Dr.
To Provision of Income Tax Cr
Provision of Income Tax Dr.
To TDS Cr.
To Self Assessment Tax Cr.
Self Assessment Tax Dr.
To Bank Cr.
Anuj
9810106211
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
- GST Regis.
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Disallowance of Section 43B(h) to sez units
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- Gst input for FY 23-24
- Tax on capital gains revoked us 54f
- Company Incorporation - CA and directors signing from different states
- Filing of Form 10BB instead of Filing Form 10B
- HSN Details in IFF/GSTR-1 & in GSTR 9
- 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
