TDS
This query is : Resolved
16 July 2010
IN BALANCE SHEET TDS OF PREVIOUS YEARS DEBIT BALANCE IS COMING U/H DUTIES & TAXES UNDER CURRENT LIABILITIES
FOR EG TDS 06-07 ADVERTISEMENT 2522522
TDS 07-08 AND TDS 08-09
SO WHAT IS THAT AND WHAT IS IT'S TREATMENT.
KINDLY EXPLAIN IN DETAIL.
FOR EG TDS 06-07 ADVERTISEMENT 2522522
TDS 07-08 AND TDS 08-09
SO WHAT IS THAT AND WHAT IS IT'S TREATMENT.
KINDLY EXPLAIN IN DETAIL.
16 July 2010
Debit Balance of TDS Should be on Assets side as TDS Receiveble. Plesae mention full details.
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
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
16 July 2010
KINDLY HELP ME OUT
16 July 2010
It is receivable from Department you can reclassify the same as receivable from IT under asset and apply for refund
16 July 2010
Since it excess payment has been made the only way to do is to apply refund to the dept.
16 July 2010
Dear Srinath
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
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
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
16 July 2010
GOT YOUR POINT.
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.
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
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
16 July 2010
PRACTICALLY YOU WILL NOT GET ANY REFUND.
SO YOU SHOULD PASS AN ADJUSTMENT ENTRY TO MAKE IT NIL.
SO YOU SHOULD PASS AN ADJUSTMENT ENTRY TO MAKE IT NIL.
16 July 2010
could u tel me what adjustment entry.
it will really kind of u
i will b thankful
it will really kind of u
i will b thankful
16 July 2010
Simply Pass---
Sundry Adjustment A/c Dr....
To TDS Payable A/c
(Being excess deposit of TDS Adjusted)
or
Prior Period Adjustment A/c Dr.
To TDS payable A/c
(Being excess deposit of TDS of earlier years now Adjusted)
Sundry Adjustment A/c Dr....
To TDS Payable A/c
(Being excess deposit of TDS Adjusted)
or
Prior Period Adjustment A/c Dr.
To TDS payable A/c
(Being excess deposit of TDS of earlier years now Adjusted)
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