With holding tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 March 2015
I want to know what is a with holding tax? also pls. let me know whether the Accrued interest has to be shown in Balance sheet under which head or in P&L. Pls. reply.
11 March 2015
With holding is nothing but a TDS (tax deducted at source).
Accrued interest is to be shown in P&L as interest income and as it is accrued only and yet not received it will be shown as interest receivable under current assets in BS.
Journal Entry will be,
Interest receivable Dr.XXX
(this will come in BS)
To interest income Cr.XXX
(this will come in P&L)
Accrued interest is to be shown in P&L as interest income and as it is accrued only and yet not received it will be shown as interest receivable under current assets in BS.
Journal Entry will be,
Interest receivable Dr.XXX
(this will come in BS)
To interest income Cr.XXX
(this will come in P&L)
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