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
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
(Expert)
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.
TDS claim should be backed by income.
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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