EASYOFFICE
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about TCS

This query is : Resolved 
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(Querist)
10 June 2010 sir,
As per my knowledge , when i open a ledger of TCS in tally then its under DUTIES & TAXES(current liab.), but some body says .
its my current assets. so its will be under current assets.
plz give ur valuable comments on it.
plz give me brief knowledge about it.

thanx & best regards
ram
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
10 June 2010 It is a libility to be paid not an asset. So should be grouped under duties & taxes.

If u are talking from the buyer point of view then it is an asset and should be included in current assets.
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Ram Avtar Singh

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Ram Avtar Singh (Expert)
11 June 2010 when you purchase TCS dedusted in bill its your current assets. and will be adjusted with income Tax libility.
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