Tds

This query is : Open

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2014 if tds deducted on income recieved is not claimed then income should be net of tds or gross?

CA Tejas Mistry

CA Tejas Mistry (Expert)
Follow

05 December 2014 Income will be taxed on gross basis even if TDS is not claimed

Querist : Anonymous

Querist : Anonymous (Querist)

06 December 2014 where is tds amount adjusted then? Which a/cing head

CA Tejas Mistry

CA Tejas Mistry (Expert)
Follow

06 December 2014 For accounting purpose you have to enter TDS amount but as TDS is not claimed in Income Tax Return then Income will be taxed in Gross amount basis

Querist : Anonymous

Querist : Anonymous (Querist)

06 December 2014 but asset definition says asset to be recognised if future economic benefit is expected to be recieved but as tds is not claimable then the benefit criteria is not satisfied, plz help

Querist : Anonymous

Querist : Anonymous (Querist)