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why is TDS treated as an asset while preparing Balance
sheet.
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Answer / h.s.sarda
there are two part of tds. first is we deducted & deposited
in bank its our liabalities. When we sales labour charges
or etc. then party deducted from tds on our behalf. it is
our current asset. we should setoff from income tax payable
a/c. so we treated as an asset.
| Is This Answer Correct ? | 82 Yes | 11 No |
Answer / pawan kumar
WHEN INCOME TAX IS DEDUCTED IN FINANCIAL YEAR ITSELF.BEFORE
BECOMING OUR LIABILITY, IT IS MEANT AS AN ADVANCE TAX OR
TAX DEDUCTED AT SOURCE, THAT IS WHY IT OUR ASSET
| Is This Answer Correct ? | 39 Yes | 5 No |
Answer / satyaki_raju@yahoo.com
The question poster Kum/Smt kalpana placed a confused question.The question should be very clear.The clear question must be like this--Why is TDS receivable placed under asset in balance sheet
More over all the above three answer posters answered as they liked
Now we will discuss about the answer
TDS from our service charges or interest receipts will be deducted at source and will be deposited in the deductees account.The amount of TDS so deducted wiil be credited to our account.While filing our income statement we can deduct the amount of TDS from the tax liabilty.So until that period it will be put under asset side of the balance sheet as deposit asset group.
| Is This Answer Correct ? | 15 Yes | 5 No |
Answer / soundararaju
During the financial year TDS deducted by the customers
should be debited to Advance tax a/c ( Under Asset group )
and the same may be adjusted against their income tax
payable amount in the subsquent financial year
example (Vide Receipt )
Bank / Cash a/c DR
Advance Tax a/c DR ( TDS Portion )
Customer a/c CR
Subsquent year ( thro' journal )
Income tax a/c DR
Advance tax a/c CR
| Is This Answer Correct ? | 13 Yes | 11 No |
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