why is TDS treated as an asset while preparing Balance
sheet.
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Answer Posted / 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
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