adjustment of tds in subsequent year

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ca vishal aggarwal (Querist)
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16 October 2009 wat is journal entry to set off tds existing in balance sheet in subsequent year.can partners a/c be debited to set off tds

chetan soni

chetan soni (Expert)
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16 October 2009 There are two options for the same

First : Dr. the tds balance to partners capital account in the profit sharing ration.

Second : Wait till the assessement order receives. Then passed the J/v on the date of order & transfer the TDS amount to partners capital account. If your does not receive the order then wait for 2 FY & passed the J/v on the 01-Apr of third FY to give the effect.