TDS certificate received in advance
This query is : Resolved
17 July 2008
My question is as a Advocate, Advocate is mainting his accounts on payment and receipt basis. He received a demand draft dated 31.03.08 in april 5th Fy 2008-09 from his Company client, Company has deducted TDS on this payment. My question is :- What accounting entry is to be passed in Advocate Books and what will be the impact of TDS certificate for the FY 2007-08.
Reply please.
Reply please.
17 July 2008
Hi Anil,
Credit for TDS certficate shall be availed in the year in which the icome is recognized and charged to taxation.
In your case,
As the books are maintained on payment basis, income shall be recognized in the F Y 2008-09 and the credit shall be availed in that year itself.
Rgds/
Vineet
Credit for TDS certficate shall be availed in the year in which the icome is recognized and charged to taxation.
In your case,
As the books are maintained on payment basis, income shall be recognized in the F Y 2008-09 and the credit shall be availed in that year itself.
Rgds/
Vineet
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