25 November 2013
Company had to recieve Rs xxx from the debtor. Amount was related to FY 10-11. In that year only party deducted Rs xx from that, paid balance to the company and paid Rs xx to govt as TDS. It did not tell company and also did not file tds return. Now in Fy 13-14, debtor has filed tds return and has given 16a to company . Now please tell me- Since 2010-11 the amount was shown in debtor a/c and now in fy 12-13, after recieving 16a, where it should be transfered. Will i have to transfer it to tds recievable 10-11. Will the company be able to claim it in fy 13-14.
26 November 2013
well the TDS credit is to be claimed in the year in which the respective income was offered to tax. There is no requirement that you have claim credit only against the year in which the TDS was deducted.
A lot will depend on what the deductor has mentioned in the TDS return - under which AY has he shown the said income. If you can, convince the deductor to show the deduction in current year only.
CAclubindia
