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TDS

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 July 2011 In the FY 09-10 one of the client has deducted TDS of Rs.25925/-. The deductee treated as TDS receivable and claimed it accordingly. But in FY 10-11 the deductor said that tds was not deposited and made the payment of Rs.25925/- to deductee. The deductee accounted it accordingly in the books. Now the question is the impact on Income tax return and how to treat it in the books of deductee. Should be knock it off against TDS receivable a/c. Pls advise.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
17 July 2011 yes. you need to knock off the TDS receivable account. also incase you claimed the TDS also need to pay the tax with interest and revise the return
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