TDS
This query is : Resolved
19 July 2009
In the mercantile system of accounts every firm,company & banks were providing audit fees in the books & TDS deduted & return filed for that year by them.But the auditors audit the accounts thereafter i.e. in the next financial year.Hence he received fees in the next year. Please advise when he will claim TDS. if he will claim TDS in the next year,is it acceptable by the IT department?
19 July 2009
tds is allowed in the year in which income is assessed, therefore TDS will be allowed in next year.
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