Form 16 - Bank FD

This query is : Resolved

Ajit (Querist)
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16 July 2008 When interest income is shown on receipt basis, how to show the TDS data related to the Form 16 which would show the TDS on accrual basis.

Can we claim the corresponding figure of TDS corresponding to the interest income shown on the basis of actual receipt. In such a case, can we show the balance TDS (corrsponding to the interest on accrual basis) in the next year return?

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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17 July 2008 u can claim tds in the year, in which u present the interest for taxation. u keep f-16 to be used at that time. or otherwise u can opt for accrual basis presentation of interest.

Ajit

Ajit (Querist)
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22 July 2008 Does it mean that in Schedule TDS2 - in column 7 -"Total tax deducted Amount out of 6) claimed for this year, can I show only a part of TDS to take credit in this year and the balance TDS credit in next year.

The other option could be to take credit of entire TDS in next year when the interest is actually recieved but show the TDS details in this as well as next year's return.

Ajit Jain

Ajit

Ajit (Querist)
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25 July 2008 could somebody pl. inform about my query pl.

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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05 August 2008 yes, you should show only that part of tds in clo. 7, which is related to current years' income and which you are claiming. ur second option is not appropriate.

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