One of my clint is NGO they are enjoying tax exemption u./s 12A of IT act . They are working in capacity of counsoltant in many govt projects where they recd payment after deducting Tds . so Tds reciviable a/c shows dr balance. in there it return they ask for refund from deptt for those tds. deptt has allowed say 90% of tds rec accounts dr balance . so what wil be accounting enrties in this case??
Thanks in advance
Pls reply after all you are an expert
Simply Dr the bank balance where u rec, nd credit the bal of tds receivable .
like
Bank A/c....dr
to Tds Rec...
to interest on tds
i think it should be
CASH/BANK A/c-----dr
to tds receivable A/c
see this also
/experts/what-is-the-treatment-of-tds-receivable-tds-payable--407480.asp
| Originally posted by : ca sweeti gulati | ||
 |
like Bank A/c....dr to Tds Rec... to interest on tds |
 |
Bank A/c .........Dr
To TDS Receivable.......
To Interest on IT Refund ( if any)......
it is possible to credit TDS Recievable when u have made TDS receivable account in balance sheet on 31 march 2014, and when u recive refund on 31 dec 2014, for year 1 april 2013- 31 march 2014, than how we adjust the refund recieved on bank account .
immediate reply, its urgent
Answer should be related to corporate assesse who make provison for tax
CAclubindia
