tds on income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 November 2009 my us is that if any party deducts tds in fy 2007-2008 and deposits the tds in the fy 2008-2009 and issues the tds certificate in the fy2008-2009 then in this situation in which year i can take the benefit of the tds in computation of total income

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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04 November 2009 Sec 198 says TDS is deemend income of the deductees. However Sec 199 allows the same as credit provided :

Credit for TDS and deposit to the Govt. shall be given to the deductee in the AY for which such Income is assessable.

In my opinion

if the receipt of the Gross amount has shown as Income by you in the FY 2007-08, credit for TDS should have been taken in that year provided the TDS was dult deposited in that year by the deductor.

Now if the receipt is not shown as income in FY 2007-08, as it happens for any advance amount received,and will be booked as Income in Fy 2008-09 and you have the Form 16A to proof the TDS then u can claim in FY 08-09.

Querist : Anonymous

Querist : Anonymous (Querist)

04 November 2009 thanks sir .

i was not confident about the ans. but now i m clear thanks to u

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