Is TDS Asset or
Liability ?
The Best Answer:
TDS receivable
is an asset and TDS payable is Liability
TDS is
a Liability as we are in obligation to pay the deducted amount against the
payment or expense booking made against Vendor, etc, to government as per the
due dates given. TDS payable appears as a Current Liability in the Balance sheet.
TDS is
treated as Asset when the reverse happens and our payments are deducted with
TDS by the party paying us. TDS receivable appears as Current Asset in the Balance
sheet.
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