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tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 October 2010 A NEWLY INCORPORATED COMPANY ENTERED INTO A CONTRACT WITH A GOVT DEPT AND RECEIVED MOBILISATION ADVANCE OUT OF WHICH TDS WAS DEDUCTED. NO TURNOVER WAS BOOKED SINCE THE INCORPORATION UPTO 31ST MARCH,2010, THE FIRST FINANCIAL YEAR ENDS AT THE END OF 31ST MARCH, 2011, SPANNING MORE THAN 12 MONTHS.
SHOULD THE COMPANY FILE IT RETURN FOR THE PERIOD ENDING 31ST MARCH 2010 FOR GETTING THE TDS CREDIT ADJUSTED AGAINST FUTURE TAX LIABILITY. VIEWS ARE SOLICITED
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CA. SUDHARSAN K G

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CA. SUDHARSAN K G (Expert)
17 October 2010 Hello

a) Filing of Income Tax Return is Mandatory for Company and Partnership Firm

b) At the Same time TDS should be claimed only when the corresponding Income is offered to Tax.

c) Hence you have to take a suitable action.


Hope you might have understood.

Thank you.
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