Tds credit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 December 2013 We had given the services in march 2011 and showed the income in a.y.2011-12 and accordingly we claimed the tds credit. the service receiver company accepted the bill in next year and deducted tds in next year(a.y. 2012-13)
The assessing officer argues that tds credit is not allowable for a.y. 2011-12 because tds is not shown in 26as and also certificate is not available so tds credit is not granted.
Plz suggest me what action can be taken.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 December 2013 If it was deducted in AY 12-13 then AO is correct and was also deposited in 12-13 as per sec 40A it will be allowed only in year of deduction and deposited in govt a/c.

AO is correct.

Querist : Anonymous

Querist : Anonymous (Querist)

16 December 2013 We are service provider and we booked income. I taken tds credit in A.Y.2011-12.
The tds credit is allowable or not?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 December 2013 no. TDS credit cannot be granted for an year before the TDS is deposited with the government.

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