Hi,
Please let me know how to make the TDS Receivable accounting entry in the books of accounts.
My question is I need to show this in current assets or posted to P & L as expenditure.
Please help me in this regard.
Regards
Srinivas
4 Replies
CA AYYAPPA
(Chartered Accountant)
(272 Points)
Replied 12 January 2008
Entry for TDS Receibales is as below
TDS RECEIVABLE DR
(Loans & Advance)
To Debtors a/c
Remember TDS Receivable is like advance tax
CA Pawan Lakhotia
(Infosys Limited)
(202 Points)
Replied 12 January 2008
TDS RECEIVABLE IS LIKE A FULL COLLCETION FROM THE PARTY .THEREFORE PARTY SHOULD BE CREDITD AND TDS RECEIVABLE SHOULD BE DEBITED AND TO BE SHOWN IN ADVANCES TI INCOME TX DEPATRMENT.
CA Chaitanya
(PRACTISING CA)
(4283 Points)
Replied 13 January 2008
TDS receivable is a current asset or alternatively it can be shown under the head prepaid or advance taxes.
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