Tds reconciliation

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This query is : Resolved

Nupur Sharma (Querist)

10 January 2013 I have been asked to prepare a TDS Reconciliation (year wise) for the purpose of quarterly closing.

Now, my focus is on 3 things: entries passed in books; Form 26AS; TDS certificates recd from parties.

While reviewing I noticed, that TDS entries in the books have been passed after receiving TDS Certificates from parties. Hence, in some cases, while the TDS deduction is being reflected in Form 26AS in the FY 2011-12, the entry for the same is passed in books in FY 2012-13 (because TDS certificates were recd in this FY i.e. 2012-13)
I have these queries:
1. Is my method of reconciling is correct?
2. Can somebody provide me with a format for TDS Reconciliation?
3. The difference could be due to following reasons:
- TDS certificates not recd hence not claimed in FY 2011-12 ( also not entered in books): in this case I should call the parties to provide certificates at th earliest??
- TDS certificate recd but entry not reflected in Form 26AS: I should ask the party to verify e-tds return filed? Now if return is correct but incorrect certiicate was provided, based on which We claimed excessive TDS in FY 2011-12, then what corrective action can we take?
- what other reason for difference could possibly be there?

Kindly provide my point wise reply. I would be really thankful.

Nupur Sharma

Nupur Sharma (Querist)

11 January 2013 Is there nobody who could help me on this??
:(

@VaibhavJ

@VaibhavJ (Expert)

11 January 2013 Hi Nupur.

For any recon you will need base!!

So form 26 AS data & TDS cert recd data can not base.

You have to always take Book data as base.

When payment is received at that time only TDS should be booked.

Your Format would be always fine, you may refer to this format: https://www.caclubindia.com/share_files/files_download.asp?files_id=40912

Your reasons for pt. 3 are valid.

There can not be any more case if you are taking base as TDS cert issued by client.

Thanks!!

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