TDS
This query is : Resolved
CA Atul Jiwarajka
(Querist)
23 November 2010
Suppose
I invest 10,00,000 in FD for 5 years on 01.04.08.
Interest is 10% p.a. simple interest.
Interest income per year = 1,00,000.
Bank credits FD with 90,000
Deduct TDS 10,000 each year.
I follow cash accounting system.
I take interest of 5,00,000 as my income in the 6th year.
How and when will i get TDS credit????
I invest 10,00,000 in FD for 5 years on 01.04.08.
Interest is 10% p.a. simple interest.
Interest income per year = 1,00,000.
Bank credits FD with 90,000
Deduct TDS 10,000 each year.
I follow cash accounting system.
I take interest of 5,00,000 as my income in the 6th year.
How and when will i get TDS credit????
23 November 2010
yes...
the income & tds must correspond to each other.
the income & tds must correspond to each other.
CA.ViVeK M ACA
(Expert)
23 November 2010
Income will be credited after adjusting the TDS by Bank. There is no difference as such between both the methods
Ghanshyam T Jha
(Expert)
23 November 2010
In my opinion u can claim TDS credit in the year when you show income for the year.
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