Tds credit
This query is : Resolved
Sourbh Aggarwal
(Querist)
02 May 2019
Hello !
My query is that
If a company shows its income on accural basis in ITR AY 2017 -18 but customers show this as expenses in AY 2018-19 and also deduct the tds in ay 2018-19 & file the tds return accordingly. Now i want to knw that income has been shown in AY 2017-18 and its tds is reflected in 26AS IN AY 2018-19, whether tds credit can be claimed in AY 2018-19?
My query is that
If a company shows its income on accural basis in ITR AY 2017 -18 but customers show this as expenses in AY 2018-19 and also deduct the tds in ay 2018-19 & file the tds return accordingly. Now i want to knw that income has been shown in AY 2017-18 and its tds is reflected in 26AS IN AY 2018-19, whether tds credit can be claimed in AY 2018-19?
CA R SEETHARAMAN
(Expert)
02 May 2019
Yes TDS credit can be claimed in AY 2018-19.
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Sourbh Aggarwal
(Querist)
02 May 2019
Sir, can u tell me where it is written?
CA R SEETHARAMAN
(Expert)
02 May 2019
TDS credit can be claimed only prospective not retrospective.
Sourbh Aggarwal
(Querist)
02 May 2019
Sir section says tds credit can be claimed in the year in which u book the respective income.
CA R SEETHARAMAN
(Expert)
02 May 2019
That is you can take TDS credit to next year when you book that income in next year. you can take the credit forward not backward.
Sourbh Aggarwal
(Querist)
02 May 2019
Thnku sir, if i want to give opinion on this matter, is there any legal reference that credit can be taken forward not backward?
CA R SEETHARAMAN
(Expert)
02 May 2019
Refer ITR form TDS schedule it's allowed forward only
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