Answer / h.r. sreepada bhagi

Any amount of Tax Deducted at Source on the payments
received or receivable by a company is an asset (TDS
Receivable). It needs to be adjusted to the Income Tax
payable tot eh Government like Advance Income Tax. (It's
also an Advance Tax paid, but not by the company directly,
but by it's customers in the form of TDS). For claiming TDS
the Company needs to have TDS certificate issued by the
deductors, like the copy of Advance Income Tax Challan.
Whether it needs to be submitted with the IT Dept. or not is
as per the requirement of the Income Tax Act, 1961.

does deposit fall under current assets ?

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