Tds on advance payment
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2012
We have received advance in the month of March for the services to be invoiced in April.
Our client has deducted TDS on advance payment & will be issuing TDS certificate for the same, but we will invoice the services in next F/Y.
So, how can we claim TDS deducted in current F/Y against income of next F/Y
Our client has deducted TDS on advance payment & will be issuing TDS certificate for the same, but we will invoice the services in next F/Y.
So, how can we claim TDS deducted in current F/Y against income of next F/Y
29 March 2012
Although income will arise in the next financial year, the TDS claim has to be made in the current year.
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2012
Please refer sec 199 and rules 37BA
"(3) (i) Credit for tax deducted at source and paid to the Central Government, shall be given for the assessment year for which such income is assessable.
(ii) Where tax has been deducted at source and paid to the Central Government and the income is assessable over a number of years, credit for tax deducted at source shall be allowed across those years in the same proportion in which the income is assessable to tax"
"(3) (i) Credit for tax deducted at source and paid to the Central Government, shall be given for the assessment year for which such income is assessable.
(ii) Where tax has been deducted at source and paid to the Central Government and the income is assessable over a number of years, credit for tax deducted at source shall be allowed across those years in the same proportion in which the income is assessable to tax"
01 April 2012
As per TDS rule they have to deduct on advance payment and at the time of filing the ITR there is no any specific column for TDS on advance payment, so you have to claim this TDS in current year and showing the detail of this TDS at the time of assessment.
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- ITDS U/S.194T of Firm
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Eway bill not cancelled within 24 hous what can be due
- TDS Return Q1 FY 2026-27
- GST not cancelled by tenant
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
