07 August 2008
For a Private Ltd Coy How should I write-off a prior prd TDS(Debit)(Rs.93000) made on 31.05.2005. Option :- A) whether tr.to Reserves & Surplus A/c. Or b) treating as an Prior prd item and keep in profit & loss a/c.
07 August 2008
Prior Period TDS must have been claimed in the Income Tax Return which is adjustable against the refund received or amount set off against ur liability which may further be set off against the Income Tax provision. Even after the adjustments some balance is left in the account(which should not be), the same may be w.off to P&L Appropriation A/c.
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