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?
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.
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