praveen
(Chartered Accountant)
(6971 Points)
Replied 14 April 2010
There are two types of accounting :
1) Keep such amount in another ledger with advance tax. Create a seperate account for Income tax payable based on the calculations made before finalising the balance sheet.
Contrarily,
2) Adjust the tax liability with the TDS and advance tax paid. Keep the balance if payable in IT payable otherwise in Income Tax Refundable(Year).
VINEET
(learner)
(53 Points)
Replied 14 April 2010
The amount of TDS recoverable will be set off against the next year when u will pass the accounting entry for tax liabilty and payment for the tax liabilty
pardeep bansal
(profession)
(63 Points)
Replied 14 April 2010
praveen gave a good and complete answer
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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