TDS Claim
This query is : Resolved
27 August 2009
Respected Experts,
When professional assessee is following cash system of accounting and the remmiter is following accrual system of accounting- in the matter of TDS what is the solloution. As the remmitter will claim deduction after deducting the TDS and the assessee can not claim the same as he has not received. Do professional have exemption from the rule- TDS can be claimed in the year of Deduction only.
kindly guide. Thanks
When professional assessee is following cash system of accounting and the remmiter is following accrual system of accounting- in the matter of TDS what is the solloution. As the remmitter will claim deduction after deducting the TDS and the assessee can not claim the same as he has not received. Do professional have exemption from the rule- TDS can be claimed in the year of Deduction only.
kindly guide. Thanks
27 August 2009
There are two way of accounting the TDS in professionals books of accounts;
01. Account for only TDS for the year cutting receipt & claim the TDS in the same year as per TDS certificate.
02. Account for only those TDS for which the receipts accounted for & claim only that portion of TDS in return of Income. Claim the balance TDS in the next year when we account for that receipt.
Generally people follow option 1. In option 2 you need to maintained the record TDS for two years & also there are chances that the AO will make objection on the same.
01. Account for only TDS for the year cutting receipt & claim the TDS in the same year as per TDS certificate.
02. Account for only those TDS for which the receipts accounted for & claim only that portion of TDS in return of Income. Claim the balance TDS in the next year when we account for that receipt.
Generally people follow option 1. In option 2 you need to maintained the record TDS for two years & also there are chances that the AO will make objection on the same.
Message likes :
1 times
28 August 2009
u have to claim tds on receive of profession al receipt.
Message likes :
1 times
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- SFT Cash Deposit in Current Account
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
