Help!!
shreya (student) (30 Points)
10 October 2014
Wat z d treatment of TDS in case of an individual?
its very confusing!!
6 Replies
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 10 October 2014
There will be two cases
1.Tds receivable (Tds deducted by debtors/customers)--available in PAN account-26AS.(It is an Asset)
2.Tds Payable--Tds deducted by an individual need to pay department--available in TAN account-challan status enquiry..(It is a liability).
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 10 October 2014
Ex:- Tds receivable-----------------------
Debtors A/c Dr
Tds receivableDr
Income a/c. Cr
2.Expense A/c Dr
Tds payable Cr
Creditor. Cr
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 10 October 2014
Each entry two balncesheet items and one is p&l item.
CA Raj Doshi
(Practising CA)
(8944 Points)
Replied 10 October 2014
If you put your query more specifically , the answer can be given with more conceptual and technical clarity
VIKASH KUMAR JAIN
(Audit Executive)
(711 Points)
Replied 11 October 2014
TDS receivable against TDS certificate also known as advance tax paid.TDS payable is liability on behalf of service provider.
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