TDS Receivable

This query is : Resolved

RAKHI CHAUDHARY (Querist)
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19 July 2010 Q1.There is only a single A/C opened for TDS Receivable For A/Y 07-08,08-09,09-10,10-11 whereas seperate A/cs opened for Prvosion for taxation viz.Provision for taxation(AY 07-08) ,Provision for taxation(AY 08-09)and so on

Is it right to operate a single A/C for TDS Recoverable for all years,whether it will create any problem?

Q2.After how many years TDS Recoverable A/C ,Provision for Taxation and advance tax A/c standing from a long priod should be adjusted?It means that for how many yrs should we wait for Income Tax Assessment?

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
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26 July 2010 TDS receivable should be seprate for each year so that we can cross verify it with refund received. If we do not seprate it for each year then after few years there will be problem in identifying the refund amount.