Tds on Provision of professional fees
This query is : Resolved
13 October 2016
If client has booked the provision and deducted TDS and paid before 31 st march, what be the effects in our books ? can we show this TDs receivable in our books?
14 October 2016
Yes you can. In fact he will also issue you the TDS certificate and this amount should appear in your Form 26AS
14 October 2016
In our books, We MUST show it as TDS.
Normally such a situation arises when Deductor is following Mercantile system and Deductee is following Cash system of accounting. This results in the dilemma as to when the said TDS be claimed in return of income.
The choice is with the assessee : either claim it in the year of deduction or claim it in the year in which the income is accounted for.
Normally such a situation arises when Deductor is following Mercantile system and Deductee is following Cash system of accounting. This results in the dilemma as to when the said TDS be claimed in return of income.
The choice is with the assessee : either claim it in the year of deduction or claim it in the year in which the income is accounted for.
14 October 2016
Amol, will there be any impact of ICDS now on compulsion to have mercantile system of accounting.
16 October 2016
yes, we need to report the impact, if any
24 October 2016
thanks sir
25 October 2016
you are most welcome
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