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whethet to book tds receivable or not on 31st marc

20 June 2007

hey frenz,
can u help me in 1 thing,
tell me that when i book my interest receivableon 31st march will i show the entry of tds receivable in my books or just the exact interest(i.e. including tds receivable)

can any1 help me in this matter,
with regards,
shobhit

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2 Replies

kumarc (13 Points)
Replied 20 June 2007

YES. OTHERWISE YOU WILL NOT BE ABLE TO CLAIM CREDIT OF TDS RELATED TO FY 2006-07 ( AY 2007-08) IN THE FOLLOWING FY. YOU MAY ACCOUNT FOR AS FOLLWOING:- INTT INCOME - WITH FULL AMOUNT TDS RECEIVABLE A/C - TDS AMOUNT BANK A/C OR INTT RECEIVABLE A/C - WITH NET AMOUNT

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CA Manoj Sahoo (Service-CA) (44 Points)
Replied 20 June 2007

Yes , The view of Chandan is correct . Pl pass the following Entry-- Int Receivable Dr Tds Receivable Dr To Int Inncome Please pass this entry after doing reconciliation of your records and the Bank or other Statement . So collect one bank or other statement for knowing the int receivable .