TDS

This query is : Resolved

CA Keyur Shah (Querist)
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19 May 2009 The CA firm is followed Cash Basis of Accounting System. The client of the firm has created a provision of audit fees on mercantile basis. So, the client has deposited TDS within Due date of TDS. In which year CA firm claimed TDS???

FY 2008-09 RS 500000 is provided in the books of client. He has deposited TDS in April 2009. The fees is received in the month of Aug 09. So income will be Recorded in FY 2009-10.
TDS is claimed in FY 2008-09 or 2009-10????

CA. VIKAS GUPTA

CA. VIKAS GUPTA (Expert)
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20 May 2009 Hi,
TDS should be claimed only in the year in which income in respoect of that TDS is booked hence claim of TDS should be taken in F.Y. 2009-10 i.e. the year in which the CA Firm has shown income in the books

Ratan Sharma

Ratan Sharma (Expert)
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20 May 2009 hi,
In view of the amendment in section 199 w.e.f. 1/4/2008 , the assessee can take the credit of TDS in the F.Y. 2008-09.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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22 May 2009 No.
Tax can claimed only in the year in which income is booked as per rule 37 of the income tax rules, 1962 and there is no other section governing this.

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