ritesh sharna (student) (67 Points)
28 July 2016
Mukesh Kumar
(Accounts Manager)
(1466 Points)
Replied 28 July 2016
DEAR SIR
1. TDS RECEIVABLE ENTRY MEANS AMOUNT DEDUCTED BY YOU CLIENT FORM YOUR PAYMENT
YOU SHOULD SHOW IN CAPITAL ACCOUNT AS TDS DEDUCTED ,BECAUSE YOU CAN ADJUST THIS TDS AGAINST YOUR INCOME TAX LIABILITY .
2. TDS PAYABLE ENTRY MEANS AMOUNT DEDUTED BY YOU FROM YOUR CONTRACTOR PAYMENT
YOU SHOULD SHOW IN CURRUNT LIABILITY ACCOUNT AS TDS PAYABLE , BECOUSE YOU WILL BE DEPSOTI TO GOVT IN THE NEXT YEAR
GOOD LUCK
ritesh sharna
(student)
(67 Points)
Replied 28 July 2016
But some people shown it under current account why it has been?please provide me 2 year entry of tds receivable and payable and how it to be adjusted against tax liabilty
mohammad rasool baig
(Management Consultant)
(1026 Points)
Replied 29 July 2016
It differs on the nature of organisation. In case of sole proprietorship, yes it can be shown under capital account.
But in case of companies , it needs to be shown under current assets.
Always better to group under current assets since we will not forget while filling the returns.
Mukesh Kumar
(Accounts Manager)
(1466 Points)
Replied 29 July 2016
AGREE WITH RASSOL SIR
BUT YOU MAY ALSO KNOW THAT AT THE TIME OF FILLING ITR ,
EVERY ONE CROSS CHECK ALL FIGURE IN B.S. ,FORM 26 AS AND FORM 16
TDS CLEARELY SHOW IN FORM 16 AND 26 FROM .
EVEN , WHEN FILL DATA IN ITR FORM THARE IS A SEPRATE SHEET FOR FILL DETAIL OF TDS DEDUCTION .
SO AS ABOVE SAID , I THINKS THERE IS VERY REAR CHANGE TO FORGET THE CLAIM OF TDS
THANKS
CAclubindia
