TDS
This query is : Resolved
21 March 2009
A partnership firm has received payment of Rs 50000 after TDS of Rs 5000. Now it has charged the TDS in the P/L appropriation Account and after that net distributable profit has been divided in the profit sharing ratio. Whether the above accounting treatment is correct? If not please advise what should be done?
21 March 2009
55000 should be recognised as income and 5000 should be shown under the head advance tax...
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