TDS CERTIFCATE RECEIVED AFTER SIGNED BALANCE SHEET

This query is : Resolved

CA SUREANDER NAHTA (Querist)
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18 October 2007 SIR,

SOME PARTY SEND TDS CERTIFICATE OF INTEREST & COMMISION AFTER SIGNING OF BALANCE SHEET.
WE CAN CLAIM THIS CERTIFICATE AND HOW WE SHOW THE PROFIT IN COMPUTATION i.e. INTEREST AND COMMISSION NOT ACCOUNT FOR IN BALANCE SHEET.
WHAT EFFECT IF WE ENTERED THIS ENTRY IN NEXT YEAR AND WE WANT THOSE TDS CERTIFICATE ADJUCTED IN NEXT YEAR

Ravikumar.G

Ravikumar.G (Expert)
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18 October 2007 Please refer Sec 155(14) as per Income tax act. You can. However you cant adjust in subsequent years. If read out sec 155(14) you may easily understand the concept.

CA. Rayan Sequeira

CA. Rayan Sequeira (Expert)
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18 October 2007 EVEN IF THE BALANCE SHEET HAS BEEN SIGNED IF THE RETURNS IS NOT FILED THAT U CAN TAKE NOTE OF IT

CMA Gul S

CMA Gul S (Expert)
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19 October 2007 In the same year you can even afte ru have signed the Balance Sheets

KAAPIL

KAAPIL (Expert)
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08 November 2007 Thanks Mr. Gul.

CA. O.P. Agarwalla

CA. O.P. Agarwalla (Expert)
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19 November 2007 The case can be well understood by the following example:-

Mr. A executed a Govt. contract for Rs. 1 Cr. in the FY 04-05.

The Bill was passed in March 2005. The Department ultimately made the payment in the FY 06-07. Accordingly TDS was also deducted in the FY 06-07.

Mr. A has no option to show the amount of TDS in his Balance Sheets for 31/03/05 & 31/03/2006.

However, he is eligible for credit of such TDS in the FY 04-05.