Balance sheet

This query is : Resolved

sankar ponnan (Querist)
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16 December 2020 Sir
At the end of year, the balance sheet shows,
TDS Payable - Rs.400000/-
TDS Receivable - Rs.600000/-

How to close the above TDS account and carry forward it to the next year
Plz clear my doubt
thanks in adv

Harshit Bangar

Harshit Bangar (Expert)
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17 December 2020 TDS PAYABLE IS ADJUSTED BY PAYING TDS IN CASH OR BANK.
TDS RECEIVABLE IS ADJUSTED WHEN RECEIVED TDS REFUND GRANTED FROM GOVERNMENT .
AND THERE IS NOTHING ADJUSTMENT IN BOTH ENTRIES BOTH ENTRIES ARE DIFFERENT IN NATURE.
PLEASE FEEL FREE TO ASK ANY FURTHER QUERY.