TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2010 Dear Professionals,

we have received a payment after deduction of TDS from one of our customer in current financial year. But the payment pertaining f.y 08-09.

So my query is what will be the accounting treatment of TDS in books of accounts in case we have not keep provision for TDS Receivable.

The above income already booked in f.y 08-09

Aditya Maheshwari

Aditya Maheshwari (Expert)
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20 August 2010 If you are showing your income in the current year then u can claim TDS u/s 199 of the income tax in the current year itself. No problem in that.

TDS claim should be backed by income.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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20 August 2010 If the income is booked on receipt basis then only you can claim the benefit for TDS deducted.

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