How can I account for TDS receivable?

Create TDS Receivable Ledger in Tally.ERP9

1. Path: Gateway of Tally -> Accounts info -> Ledgers -> Create.
2. Name: TDS Receivable.
3. Under: Loans & Advances (Asset)
4. Path: Gateway of Tally -> Accounting Vouchers -> Sales Voucher (F8)

What is TDS receivable?

TDS RECEIVABLE IS INCOME TAX PAID BY YOU ON YOUR INCOME AND TDS PAYABLE IS PAID BY YOU AFTER DEDUCTING THE SAME FROM DEDUCTEE. SO YOU ARE JUST DEDUCTING AND DEPOSITING. ENTRY: CASH/ BANK DR… 900.

Is TDS current asset?

TDS deducted from your income is shown as Current asset alongwith any advance tax paid by you. In case you have deducted tax from amount paid to others and not deposited in Govt. treasury it will be shown as current liability.

Is TDS a debit or credit?

{ Important Note : Payment of income tax is the personal liability of any person. So, we do not record the income tax of an individual assessee. But when TDS is deducted it just like drawing of person. So, it will be debited.

How can I check my TDS receivable on Form 26AS?

The user can download the statement from the income tax e-filing website. This statement is linked to your PAN and contains details of all your TDS -by employers as well as others (e.g. banks etc). The link to download Form 26AS from TRACES can be found after logging into your account on the income tax e-filing site.

How can I enter TDS in Zoho Books?

Login to your Zoho Books account and click on the Purchases module and go to Bills. Select the desired bill and click on the Record Payment button. In the screen that follows, click the checkbox against Tax Deducted? and enter the amount in the Amount Withheld field.

How is TDS receivable shown on balance sheet?

TDS receivable being an asset is shown on the assets side of the Balance sheet. It can also be netted off again provision for Income tax which is generally reflected on the liabilities side.

Is TDS shown in balance sheet?

In the Balance Sheet, TDS is always shown in Liability Side, as it is a liability to the Goverment, the amount we used to collect on behalf of the Governent in the business process from the others. And it will be shown in Assets side when the amount has been deducted by others on this account.

How can I check my TDS receivable online?

Check TDS Online

1. Step 1: Go to https://incometaxindiaefiling.gov.in/
2. Step 2: Register and Login to the portal.
3. Step 3: Go to ‘My Account’ tab and click on view Form 26AS (Tax Credit)
4. Step 4: Select year and PDF format to download the file and proceed further.
5. Step 5: Open the downloaded file.

Why TDS receivable is an asset?

TDS (if Receivable) will come in Assets Side, and can be clubbed with Advance Income Tax finally as this item is also considered as a part of Advance Invoice Tax when computation of Income Tax Payable. It depencds that whether tds is payable or receivable. tds deducted by others on us will be shown in current assets..

How do I enter TDS receivable entry in Quickbooks?

How to set up TDS

1. Select Sales or Invoicing from the left menu.
2. Select Customers at the top.
3. Click on the name of the customer for whom you want to enable TDS and click Edit.
4. In the customer information pop up, click on Tax info tab and enter the PAN number and check the TDS Applicable checkbox.
5. Click Save.