Answer / anitha srinivasan

Both are treated as statuatory payments. It will reflect
under Current Liabilities under the group of provisions.

Answer / arjun

1.It Will treated as current liabilities when it is
deducted by us.

2.otherwise treated as cuurent Asset when person making
payment to us has deducted the TAX

Answer / n ihar

if you are the deductor then it will be liability for u and u should account under current liabilities.

Entry
Salary a/c -----------dr 50000
To Tds 5000
To Salary payable 45000
Then pass payment entry by debiting the TDS a/c and crediting the bank.Then u can find your tds account will nullified.

Same way u can pass entry for service tax. but after adjusting the input credit of service tax( eligible under service tax act)

EXPAND___________LAN

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