16 July 2010
I AM NOT TALKING ABOUT TDS RECEIVABLE IT IS TDS PAID BUT EXCESS DEPOSITED THATS Y DEBIT BALANCE U/H CURRENT LIABILITIES IS APPEARING. THEY ARE OF PREVIOUS YEARS LIKE TDS 06-07 524587 TDS 07-08 2548 THEY ARE OPENING BALANCES COMING AS IT IS IN BALANCE SHEET. SO MY QUESTION IS WHAT WILL BE ITS TREATMENT HOW THEY WILL GET NIL I HOPE YOU GOT MY POINT
I am not agreeing your point, the right way to proceed the excess payment of TDS need to apply for the refund to the A.O with proper records , the Act also allowing for the same
16 July 2010
OK THANX WELL I HAVE HEARD THAT WE CAN MAKE IT NIL BY PASSING ENTRY IN BOOKS OF ACCOUNT AND ADJUSTING IT WITH PROVISION FOR EARLIER YEARS.
I DIDNT UNDERSTAND THAT Y TO DO SO. ALSO COULD U TEL ME PROCEDURE OF TDS REFUND AND ALSO IF ANY TIME LIMIT
IT SHOULD HAVE BEEN ADJUSTED LONG AGO. IF EXCESS TDS DEPOSITED IT SHOULD HAVE BEEN ADJUSTED AGAINST TDS PAYABLE OF LATER MONTHS. NOW YOU HAVE TO CHARGES IT TO PL A/C AS EXCESS TDS.
16 July 2010
SIR THERE WAS NO TDS PAYABLE AFTER THIS TDS EXCESS DEPOSIT LIKE TDS 06-07 KA DEPOSIT KIYA 5000 KARNA THA 6500 KAR DIYA SO 1500 DEBIT AA GAYA NOW IN BALANCE SHEET ENDED 31-3-2010 THIS TDS 06-07 1500 IS COMING DEBIT U/H CURRENT LIABILITIES
NOW AB ISKA KYA KARIEN. KYA YEH AISE HI KHADA RAHEGA. OR PASS ADJUSTMENT ENTRY TO MAKE IT NIL : PROVISION FOR EARLIER YEARS OR SHOULD GO FOR REFUND
IF REFUND THAN WHAT IS THE PROCEDURE AND IS THERE ANY TIME LIMIT
CAclubindia
