TDS treatement

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Bhavana Lalwani

Bhavana Lalwani (Querist)
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26 April 2017 In case of partnership firm what will be the treatement of TDS deducted by the firm of clients?

Ashiwini Ballodia

Ashiwini Ballodia (Expert)
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27 April 2017 1st TDS should be should as liability and than TDS should be deposited to government by the following month i.e. by 7th.

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Bhavana Lalwani

Bhavana Lalwani (Querist)
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27 April 2017 in any case can tds be shown in capital account?

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CA CS Jainam Shah

CA CS Jainam Shah (Expert)
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27 April 2017 No TDS can not be shown in capital account.

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Bhavana Lalwani

Bhavana Lalwani (Querist)
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27 April 2017 i am going for an audit of a partnership firm. the accountant has transferred tds collected to the capital account.

CA CS Jainam Shah

CA CS Jainam Shah (Expert)
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27 April 2017 What do you mean by TDS collected..??

Bhavana Lalwani

Bhavana Lalwani (Querist)
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27 April 2017 i mean the tds which has been deducted by the firm

CA CS Jainam Shah

CA CS Jainam Shah (Expert)
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27 April 2017 TDS deducted will be shown under liability head and at the time of payment it will be nullified.. You are required to change the entry passed in capital account.

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Bhavana Lalwani

Bhavana Lalwani (Querist)
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27 April 2017 ok.. thank you so much

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TDS treatement

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