Regarding tds deducted and its effects in 26as
This query is : Resolved
03 July 2015
Respected sir/madam,
if some professional receives amount of Rs. 1,80,000 (2,00,000 - TDS 20,000) on 01/05/2015 where he books income in F.Y : 2015-16 because he was following in receipt basis.(he gave bill on 30/04/2015)
but, the company which paid the amount was deducted TDS and deposited i.e., company has created provisional entry in 31st march and made TDS and it was deposited in next month i.e., april.
now when professional person wants to file his return of income for F.Y 2014-15, TDS credit amount was more because the TDS deducted by company was reflected in F.Y 2014-15 26AS. but professional recorded that income in F.Y 2015-16
then is it correct that professional was claiming TDS credit in F.Y 2014-15(which includes Rs.20,000 TDS) but income was booked in next F.Y 2015-16
if he claims in F.Y 2014-15 the income corresponding to TDS amount of Rs.20,000 was not shown as income in 2014-15
please clarify my doubt
thanking you.
if some professional receives amount of Rs. 1,80,000 (2,00,000 - TDS 20,000) on 01/05/2015 where he books income in F.Y : 2015-16 because he was following in receipt basis.(he gave bill on 30/04/2015)
but, the company which paid the amount was deducted TDS and deposited i.e., company has created provisional entry in 31st march and made TDS and it was deposited in next month i.e., april.
now when professional person wants to file his return of income for F.Y 2014-15, TDS credit amount was more because the TDS deducted by company was reflected in F.Y 2014-15 26AS. but professional recorded that income in F.Y 2015-16
then is it correct that professional was claiming TDS credit in F.Y 2014-15(which includes Rs.20,000 TDS) but income was booked in next F.Y 2015-16
if he claims in F.Y 2014-15 the income corresponding to TDS amount of Rs.20,000 was not shown as income in 2014-15
please clarify my doubt
thanking you.
CA R SEETHARAMAN
(Expert)
03 July 2015
While filing the return, in the TDS schedule, he can carry over the TDS to next year, citing the reason that income is shown in next year.
Sandeep Jadhav
(Expert)
11 July 2015
agree with seetharaman
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