Tds treatment of company

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2013 Dear,

the tds of company has been deducted e,g 20,00,000 and my IT liability is 15,00,000
in above case what will be the treatment in tally for tds deducted which is on assets side ..

please tell me the accounting entry with explanation with e.g...

thanks

CA Parul Saxena online

CA Parul Saxena online

(Expert)
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11 September 2013 Make provision:-
Income tax (P & L)Dr............1500000
To Provision for Income tax......1500000
Adjust tds against provision:-
Provision for Income tax Dr.........1500000
Refund receivable...................500000
To TDS deducted..................2000000