TDs means tax deducted at source .it is deducted when
payment is made or entry for liablity is passed ( which
ever is earlier ). this is deducted on payment for specific
purposes . like on salary commission , rent , payment to
contractors etc. payment for tds is done quaterly to nsdl.
Tds means Tax Deduction source its part of income this
advence to pay to tax department in behafl of intrest on
security, rent & profesnal fees, salary, poloci.profession
fees, contrectors/sub contractor,
During the year a firm has received TDS of Rs.30 lakhs and
out of this an amount of Rs.9 lakhs was adjusted against
the taxes. However, in the balance sheet under the head
assets,the firm shown Rs.30 lakhs towards TDS. Is it
correct. In my openion, in the balance sheet, the assessee
has to show only Rs.21 lakhs as asset in the balance sheet,
after reducing the tax adjustemnt of Rs.9 lakhs. Pl.