Assets Side: Advance In-Come Tax Ledger in current year.
it should be shown under the head current asset on the asset side of balancesheet
Posted by: AMJAD KHAN
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DEAR CAN I KNOW THAT WHAT IS TDS AND CAN WE BE FRIEND , JUST TO DISCUSS OVER ACCOUNTS ETC. CONTACT MY PERSONAL MAIL BOX. PLEASE ALSO TELL ME ABOUT TDS THANKS Posted by: ABBAS SHAH
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How one can receive TDS?
TDS either can be deducted by other on payment/income we receive or we deduct on paymnet/expenditure we make to others. In first instance TDS will be shown in Assets side in balance sheets under current assets and in second instance TDS will be shown in balance sheet under current liability. TDS is part of advance tax for the deductee while for deductor its current liability. Posted by: Avinash kumar
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How one can receive TDS?
TDS either can be deducted by other on payment/income we receive or we deduct on paymnet/expenditure we make to others. In first instance TDS will be shown in Assets side in balance sheets under current assets and in second instance TDS will be shown in balance sheet under current liability. TDS is part of advance tax for the deductee while for deductor its current liability. Posted by: s.harikumar reddy
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When we show the TDS on asset side??and after that we dont but in computation also we show the TDS.
Posted by: SHIFALI
tds means tax deduction service and it is fully paid asset, the most of accountants simply charge the tds to escape the main pre-monthly tax as per govt rule 1936 act no 55A
Posted by: maruti
TDS stand for Tax deducted from source, if we deduct at the time of any payment then its our liabilities we have to submit/deposit,
and second thing if we issue a invoice against works or services or goods but customer/client make the payment after tax deduction then we will treat it as a current assets, it our right to claim for Tax challan. Posted by: Riftaj
it should be shown as an Advance In come tax on Asset side of balance sheet
Posted by: kalpita
Where should TDS received should show in balance sheet?
actually income tax divided in to 3 parts that are 1. advance tax 4 times in yearly 2. tds every month on services 3. self assassment tax after march tds received (form 16) journal entry. ex: 1. entry pass in journal receivable from party 'x' a/c dr 10000 To audit fees a/c 9800 To service tax a/c 200 2. at the time receiving amount cash a/c dr 9900 tds received a/c 100 to receivable from party 'x' a/c 10000 tds received will com in current assets under loans & advances and after march the receiver should receive form 16 from client. my answer is 100% correct 2 years i have worked at g.m pens internation pvt. ltd in chennai as an audit assistant Posted by: quaser hussain syed
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we will receive the payment with deduction of tds from client whom to raised the bill.
this will treat as a TDS receivable under current assest. Posted by: kumaran
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