can any one explain why tds receivable comes on loans and
advances(assets)..?
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Answer Posted / akhil gupta
TDS Receivable means the TDS that is deducted by the your
customer or the Bank and financial institution on interest.
The nature of this item is similar to the Advance Tax paid
by the Company, since the amount of TDS is also adjusted
frim the Tax liability of the Company when you are making
the Computation.
There are four major category of Current Assets in the
Balance Sheet:
1. Cash and Cash Equivalent, TDS receivable is in the nature
of advance tax and can not be termed as cash and cash
equivalent, Even though you are claiming it as refund in
your ITR you have to wait for the refund order by your
assessing officer for getting the refund in your bank
account, it can not be withdraw like bank balance.
2. Debtors
3. Inventory
4. Loans and Advance ( for balancing items): Like
Advance/Prepaid taxes it is also classied as Loans and Advances.
Hope this will clear your question.
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