How to make TDS adjustments entry..
Previous Year TDS was Rs.50
and No Income Tax was Payable.
Rs.50 not refunded in bank as it is less than Rs.100
Then how to write off this amount in accounts of book ??
Income tax refund A/c Dr 50
To TDS receivable A/c Cr. 50
( No tax payable, refund Case )
TDS receivable written off Dr A/c 50/-
To Income tax refund A/c Cr 50/-
( TDS receivable written off)
TDS receivable written off A/c will be under Indirect Expenses P & L A/c .
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