TDS

This query is : Resolved

Bhaven (Querist)
Follow

29 April 2011 If we are maintaining books on cash basis and other party is deducting TDS on fees for the year, which we will receive in next year.

Whether we can claim that TDS in the year in which it is deducted. if yes what will be the accounting entry.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
Follow

29 April 2011 I am giving you one example, you will understand.

"A" company is making a provision for audit fee & deducting TDS in one FY. Auditor submits the actual bill for audit in the next FY (after audit). The auditor books this income in the year in which he has raised the bill.

Now the situation : "A" issues form 16A for Last FY, whereas the auditor shows is as income of current FY. So he will take the credit of the same TDS in current FY only.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Avisha Sinha

Tanishka Khandelwal

venkatesh c

K.Govindarajan

Rasheed Mohd Abdul

Subscribe Now

TDS

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

Accountant

CA Final

GST CONSULTANCY

GST CONSULTANT