Answer / purnima

TDS is the current liability for the company. why because we r collecting tax amount from the employees, contractors etc..

Then we will pay to the govt in the year ending so that its a current liability to the company.

which is showing liability side .

Answer / gyansaxena

In the Balance sheet have liablities and assets side not
dabit & credi

Tds deducted by us is always liablity (Payable)shown in
liability side of Balance sheet.

TDS deducted by party is always Assets. (Receiavable)shown
in Assets side of Balance sheet.

TCS Collected by us on sale of scpap ( u/s 6CE) is always
liablity (Payable)shown in liability side of Balance sheet.

TCS deducted by Party is always Assets. (Receiavable)shown
in Assets side of Balance sheet.

Answer / a

TDS is always a liability for any company since we are
deductiong it on the payments so made and further it is our
obligation to deposit it with government on or before due
dates.
It is neither our income nor it is our expense.It is just a
liability .It comes under the current liability.

Answer / dillip kumar

when we deduct the TDS in that case TDS will be Liability &
when TDS deducted by our customer in that case TDS will be
ASSETS.

Assets side is debit side & Liability side is credit side

Answer / mayank

First of there is no side in balence sheet. Balence sheet
always liablities and assets side not dabit & credit
Tds deducted is always liablity.

Answer / umakant gawde

for deductor its an liability and for deductee its an asset.

Answer / siva prasad.ch

TDS is the current liability for the company. because we r
collecting tax amount from the employees, contractors etc.
and
Tds is also current asset for individuals because the amount
is already deducted it is income to individual so shown in
current asset side

Answer / kundan

TDS IS CURRENT LAIBLITY. BCOZ WE DEDUCT TDS FROM EMPLOYEE, CONTRACTORS ETC AFTER THAT WE HAVE TO PAID IT. IN SIMPLY WORD WE CAN UNDERSTAND THAT WHATEVER WE HAVE TO PAY AND WE GET IT EARLIER THAT IS LAIBILITY.

Answer / afreen

WHAT IS TDS IN SIMPLE ACCOUNTING MEANING.

Answer / nishanth

TDS will come under asset side.
TCS Also come under asset side
Asset side is debit in balance sheet and liabilities side
is credit in balancesheet.

i want to leanr the TDS on Salaries and TDS rates

3 Answers  

Hi, Our Company Purchase Rs:15,00,000 worth of Truck from a person, When at the time of Payment We deduct TDS or Not? Note: There is No Agreement or Contract with them I need the Help. Regards Sakthi

5 Answers   Bajaj,

Sir, My mother has got a sum of money about 5 lacs in the form of pension arrears. Will she have to pay the income tax on this amount which is deposited in her bank account & if it is then please suggest me to save the tax at maximum possible.

1 Answers  

Can CST credit be claimed on CST paid? Is there a concept like Cenvat credit in CST just like in VAT?

1 Answers  

Can PF rate below 12%, if an employee want the deduction at lower rate ?

3 Answers  

Can anyone tell me the limit of Professional fees on which service tax is to be charged?

1 Answers  

service tax

3 Answers  

My Total CTC is 12500(not gross salary), i am living in Mysore(non-metropoliton city) what will be the take home salary after deduction? thanks in advance.

0 Answers  

Please guide us about Forms and where is it will use i.e.Form C, Form h, Form F. if other form has please guide us about of that Forms?

0 Answers  

if a person is investing rs.100 per month for 11 months of a year,how much ammount of annuity he will be paid at the end of year?

0 Answers  

Rse dear., i am not filing my nil return. Now i started to provide Insurance Advise to my client. but my TDS is deducted from my Rs.3000. so i want to stop this deduction, plz sugest any information. thanking you.

2 Answers   MetLife,

What is difference between service tax input credit and Cenvat credit? pl expain it.

1 Answers   Videocon,