Tds credit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 April 2015 Whether there is any provision regarding claiming of TDS credit(Except provision as per section 198 and 199 of the Income Tax Act 1961) by works contractor in the following case....
Advance paid after deducting TDS by the contractee and the same was deposited....
Contractor did not complete the work at the end of the year... he showed it as W.I.P.... and advance money showed in liability side.....
Now, Can he claim TDS credit for the above money?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

28 April 2015 He can carry forward the TDS amount and claim the TDS in the year in which Income from the Contract is offered for Tax. In the ITR there is a provision for carry forward of TDS amount.