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Thread: In balanced sheet , Where do we record TDS?

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    In balanced sheet , Where do we record TDS?

    Hi,
    When we maintain the Balance sheet, where I record TDS?

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    Super Moderator jmcilhinney's Avatar
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    Re: In balanced sheet , Where do we record TDS?

    What has that got to do with mobile development? Nothing, in fact. If you're writing an app for bookkeeping then you need to understand the principles of bookkeeping first, which has nothing to do with programming at all. Once you understand the principles you're trying to implement, the implementation part is where the programming comes in.

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    Super Moderator Shaggy Hiker's Avatar
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    Re: In balanced sheet , Where do we record TDS?

    Perhaps you could restate the question? This doesn't sound like a programming question, at this point, but there's some reason to think that it might be.
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    Super Moderator jmcilhinney's Avatar
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    Re: In balanced sheet , Where do we record TDS?

    Quote Originally Posted by Shaggy Hiker View Post
    Perhaps you could restate the question? This doesn't sound like a programming question, at this point, but there's some reason to think that it might be.
    The implementation certainly could be but the what to implement certainly isn't. I did a quick search for "balance sheet tds" and there were plenty of hits that had nothing to do with programming. While I could be wrong, I don't think that this member is posting in good faith, based on the types of questions being asked.

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    Re: In balanced sheet , Where do we record TDS?

    Hello,@Reemadhekari

    TDS can be both an asset or liability.

    This depends upon whether you are talking about TDS deducted from your income or TDS payable on sums paid to others.

    TDS deducted from your income is shown as Current asset alongwith any advance tax paid by you.

    In case you have deducted tax from amount paid to others and not deposited in Govt. treasury it will be shown as current liability.

    In case you have both then both will be shown seperately.

    I hope this information will be usefull for you.

    Thank You.

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    Re: In balanced sheet , Where do we record TDS?

    Duplicate
    Last edited by Prahlad; May 11th, 2020 at 02:56 AM. Reason: Duplicate

  7. #7
    Smooth Moperator techgnome's Avatar
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    Re: In balanced sheet , Where do we record TDS?

    Quote Originally Posted by Prahlad View Post
    Hello,@Reemadhekari

    TDS can be both an asset or liability.

    This depends upon whether you are talking about TDS deducted from your income or TDS payable on sums paid to others.

    TDS deducted from your income is shown as Current asset alongwith any advance tax paid by you.

    In case you have deducted tax from amount paid to others and not deposited in Govt. treasury it will be shown as current liability.

    In case you have both then both will be shown seperately.

    I hope this information will be usefull for you.

    Thank You.
    No, it wasn't... would have been nice to provide the definition of your TLA - "Tax Deducted at Source" ... virtually none of us have any kind of accounting experience. It just so happens I do, having. built and worked with some intensive AR/AP systems in the past.
    Also, this is a programming forum, not an accounting forum. So to get an answer to the question as you posed it, is highly unlikely.
    Lastly, you would record it as a line item linked to the transaction in the journal with the appropriate accounting code for it.

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