Regarding tds

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Vineet (Querist)

25 July 2014 Hello Sir,
I have a client he is providing services to a company. Date of work order given by company to my client was 31.3.2014.But bill raise by my client was 0n 06.04.2014.But company provisionaly deducted TDS and Deposited that to government and form 26AS of my client for f.y.2013-14 is showing that amount. Then what should I have to do in his accounting for f.y. 2013-14. Whether I have to show that work order in f.y. 2013-14 or we can claim that income in f.y.2014-15.
Please give me my answer asop.

Nikhil Kaushik

Nikhil Kaushik (Expert)

26 July 2014 you need to follow your own accounting for taxation purposes. you can claim the credit in FY 2014-15 (AY 2015-16).

Vineet

Vineet (Querist)

26 July 2014 Thanks Sir,
But Sir, Company deducted TDS Rs. 60000 and this amount is showing in form 26AS of my client in F.Y. 2013-14. Then can you tell me about TDS, means whether I can book this TDS amount in F.Y. 2014-15.

Nikhil Kaushik

Nikhil Kaushik (Expert)

26 July 2014 if you see the tax return form, it gives you the option of claiming credit for past year taxes in current year. The logic is that tax credit is to be claimed in the year in which the income is offered to tax.

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