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Tds on provision

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Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2013 Dear sir,

We are a Production house, producing & directing Tv commercials and a PVt. Ltd. co.

For the FY 2012-13, we have done a project in the M/o Feb'13 and it is completed before Mar'13. For the same project, the Musician had sent a bill for 01/04/2013, and we have accounted the same in the m/o Mar'13 and deducted TDS on it. Now, the accountant of our Music director saying that they are following mercantile system and have raised the bill for current FY and they can not claim the TDS, so that our Co have to revised the TDS return.

Now, our Co's IT return is already filed. In this case how could we revised the return?

Also, do Music director can claim the TDS for current FY?

Kindly suggest.

Thanks & regards,
Chetan.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

08 September 2013 According to income tax rules, your treatment is correct, they music director also can claim the TDS during 12-13 only, if he follow the cash basis accounting it can be justified with A.O.

as per 26AS only TDS can be claimed in the return

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