Tds receviable for the year 2008-09

This query is : Resolved

dileep (Querist)
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23 February 2012 Pls gudie me whether we can pass necessary entries in books of account for TDS receivable for the year 2008-09.

While doing an audit i came across assessment done by Income Tax dept for the year 2009-10
. But assessment not done for the year 2008-09.

Still in books TDS receivable for the year 2008-09 showing as yet to be received.

Can i suggest them to pass entreis in books for the year 2008-09 treating as deemed assessment completed.

Pls help me in this.

CA. Hari Kishan

CA. Hari Kishan (Expert)
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23 February 2012 Should the amount of TDS for 08-09 has been claimed as set off against the tax payable, then the TDS can be transferred to capital account and closed. Or if any refund is claimed then to the extent of refund amount can be retained as refund in BAlance sheet.