Cash basis of accounting
This query is : Resolved
25 March 2009
There are many professional who opt to follow cash basis.My query is how will they allocate the tds recievable by them (especially at year end) as the actual receipt may have been recieved at later stage.....in most cases. In such cases there will be a mismatch in the gross income as per the TDS certificate and the actual income received. Moreover, if a consolidated TDS certificate is received, then what is the solution?
26 March 2009
The income has to be offered for taxation in the year of receipt and corresponing TDS has to be claimed in that year. Even if a consolidated TDS certificate is enclosed, same thing has to be done.
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