02 October 2011
If you have received cheque in April'2011 then you can claim TDS in 2011-12 even that person has deducted and shown in the year 2010-11
02 October 2011
Thanks, I would like to add that in form 26 AS, its is showing that TDS creidit in 2010-11, but as i receive income in 11-12, and also as per my accounting policy , i should account in 11-12, Hence there is conflict.. I am confused.. !!!!
03 October 2011
Your accounting policy??? Do you follow cash accounting.
Normally, income is booked when the goods are sold or services are provided.
You should have booked the income when you sold the goods or provided the services.
Also, from your client's point of view TDS is required to be deducted when the expense is booked. He will deduct TDS & deposit the same when he receives your bill. If you book the income at the time of receipt, there will always be difference between your books and income tax records.
It is advisable to book income on due basis. SO you should book income in the previous year and claim the TDS deducted thereon in the previous year itself.
03 October 2011
the other option is you ask customer to file a revised return for tds 10-11, without your tds deduction. and then ask him to deduct in 11-12.
IN case of advance received, as party shall pay only after TDS, TDS shall be deducted on payment only, BUT income shall be recogised, only when there is delivery of service/goods.
Hence,TDS in my credit is credit in standing in 10-11, but i shall recognise income when there is delivery of service..which is 11-12 in compliance with AS-9.
Please take this into light. @ achalagarwal :- why should party revise his TDS return, is he wrong ..??
CAclubindia
