13 February 2018
TDS taken by the service providers to a partnership was Rs 35000 in the FY 2014-15 and after filing return the amount was refunded by CBDT (Say) Rs 32000 and interest Rs 500 after adjustment of Tax of Rs 3000. Now, return for the FY 2015-16 pending where TDS of Rs 38000 was taken by the service providers where actual tax payable is Rs 3500 for the FY 2015-16 Pl advice how to show in the PL and B/S with journal entries too.
14 February 2018
TDS (Under Revenue Authorities) is Booked on FY 2014-15 Rs. 35k, Tax payable (Under Provision of Tax) / Paid Rs. 3k...
In Ledger balances as TDS head Rs. 35k Dr...
In tax payable head Rs. 3k Cr...
Adjust the amount from
Tds head - Rs. 3k
To Tax Payable Head - 3k....
Balance TDS amount and the Interest amount will be transferred to Partners Capital (Current Account) as per Share percentage...
The Same will be follow next FY...
The above said way for Your TDS amount is excess your Tax Liability....
The same Reversible as If Your Tax Liabilities is more than Your TDS...
GOOD LUCK...
CAclubindia
