Tds in cash method
This query is : Resolved
07 October 2011
How we have to account for the TDS deducted by the parties when we are following cash metod in our books. In other words we are accounting for the income inthe year of receipt where as TDS amount is reflected in 26AS in the previous year.Whether the ITO agrees for the same if I reconcile these figures and show him that the excess TDS belongs to the next year income.Is there any rule that TDS of one year can not be adjusted against the income of another year.Please clarify how we have to show the excess TDS amount which id deducted in March 2011 and the income is realised in April2011
11 October 2011
This is the anamoly for those who are following cash basis of accounting.
In my opinion what you can do is to take 26AS print out in the first week of April 2011 & whosoever has deposited TDS in your account may be considered as receipt.
In my opinion what you can do is to take 26AS print out in the first week of April 2011 & whosoever has deposited TDS in your account may be considered as receipt.
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