TDS on professional fees

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This query is : Resolved

CA Sandhya S (Querist)

06 August 2008 When someone, who maintains accounts on cash basis, receives a TDS on 31st March on professional fees, should the amount of TDS alone be considered as income for the current year and the rest of it next year or the entire amount shown as income for that year.
Say
Income - Rs.1,00,000/-
TDS on above - Rs.10,000/-
TDS deducted on 31.03.2008
Accounts - Cash Basis
Can Rs.10,000/- be taken as income for this year and Rs.90,000/- for next year OR
SHOULD RS.1,00,000/- BE SHOWN AS INCOME IN CURRENT YEAR

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

06 August 2008 The princip;e to be adopted is Income and TDS claim will go together.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)

06 August 2008 yes, he is right

CA Sandhya S

CA Sandhya S (Querist)

07 August 2008 Sir can you be a little more clear. I am unable to comprehend your message

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)

07 August 2008 As per my opinion, He meant that you can claim TDS only for that much income as much shown by you in the respective financial year. If you are claiming TDS of Rs. 10000/-, you will have to recognise that income in your current financial year itself.

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