1. Is TDS asset or Liability ?.
2. Is TCS Asset or Liability ?.
3. Which is Debit side and Which is Credit Side in Balance
Sheet ?.
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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 .
| Is This Answer Correct ? | 112 Yes | 5 No |
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.
| Is This Answer Correct ? | 43 Yes | 4 No |
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.
| Is This Answer Correct ? | 31 Yes | 7 No |
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
| Is This Answer Correct ? | 23 Yes | 7 No |
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.
| Is This Answer Correct ? | 18 Yes | 8 No |
Answer / umakant gawde
for deductor its an liability and for deductee its an asset.
| Is This Answer Correct ? | 11 Yes | 1 No |
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
| Is This Answer Correct ? | 8 Yes | 1 No |
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.
| Is This Answer Correct ? | 8 Yes | 24 No |
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