TDS CERTIFCATE RECEIVED AFTER SIGNED BALANCE SHEET
This query is : Resolved
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
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
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.
18 October 2007
EVEN IF THE BALANCE SHEET HAS BEEN SIGNED IF THE RETURNS IS NOT FILED THAT U CAN TAKE NOTE OF IT
19 October 2007
In the same year you can even afte ru have signed the Balance Sheets
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Itr 1 processing
- Off Market debit and credit transaction
- Building and other construction workers welfare cess act 1996
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- Form 10BD Filling
- Bank accounts of Non resident
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
