What is TDS? Where do you show TDS on a balance sheet?
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Explanation:
TDS or Tax deducted at Source can appear in both sides of the Balance Sheet, i.e. Assets or Liabilities. Asset Side : When TDS deducted by another person (payer) when paying to you (payee), it will be shown under Assets side of the Balance Sheet.
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Answer:
In the Balance Sheet, TDS is always shown in Liability Side, as it is a liability to the Goverment, the amount we used to collect on behalf of the Governent in the business process from the others. And it will be shown in Assets side when the amount has been deducted by others on this account.
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