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  • INTERVIEW QUESTIONS ACCOUNTS ACCOUNTING DETAILS
    Question :
    Where should TDS received should show in balance sheet?
    Category Accounting Interview Questions
    Rating (0.2) By 250 users
    Added on 8/10/2011
    Views 524
    Rate it!
    Answers:

    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    

    Contact AMJAD KHAN Contact AMJAD KHAN

    SALAM
    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    

    Contact ABBAS SHAH Contact ABBAS SHAH

    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    

    Contact Avinash kumar Contact Avinash kumar

    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    

    Contact s.harikumar reddy Contact s.harikumar reddy

    When we show the TDS on asset side??and after that we dont but in computation also we show the TDS.



    Posted by: SHIFALI    

    Contact SHIFALI Contact 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    

    Contact maruti Contact 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    

    Contact Riftaj Contact Riftaj

    it should be shown as an Advance In come tax on Asset side of balance sheet



    Posted by: kalpita    

    Contact kalpita Contact 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    

    Contact quaser hussain syed Contact quaser hussain syed

    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    

    Contact kumaran Contact kumaran

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