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Claiming TDS Credit

Swaminathan (Chartered Accountant) (84 Points)

17 February 2010

Assessee rented the property to the Company in Feb 2009. The company paid Rent for the period Feb - Dec 2009 in Feb 09 and also deducted and paid TDS on the same in Feb 09 itself.

For the year 2008-09 in the IT return, can the assess mention the House property income for the period Feb and march 09 and claim TDS only for the Rent pertaining to Feb and March 09 and the remaining TDS can be claimed in the PY 2009-10.

Regards,

Swaminathan

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5 Replies

Amir (Learner) (4016 Points)
Replied 17 February 2010

Dear Swaminathan Sir,

Regarding Income - Annual Value is taxable after considering Vacancy...........

Regarding TDS, U r bang on........

Rule 37BA - Credit of TDS/TCS states as follws

3) (i) Credit for tax deducted at source and paid to the Central Government, shall be given for the assessment year for which such income is assessable.

(ii) Where tax has been deducted at source and paid to the Central Government and the income is assessable over a number of years, credit for tax deducted at source shall be allowed across those years in the same proportion in which the income is assessable to tax.

Pradeep Sharma (student) (114 Points)
Replied 17 February 2010

Dear Sir

Acc to the Rule

Credit of the TDS shall be given to the assessee, for the revelant AY for which the income is assesable

& IF the income is assesable in different yrs or in subsequent yrs then the credit of the TDS sholud be allowed during the yrs in the same proportion in which the income is assesable to tax

CA Saurabh Shukla (Accounts Executive) (223 Points)
Replied 18 February 2010

i agree with both of u.

Ganesh (Final) (87 Points)
Replied 18 February 2010

both of u r right

Mukesh (Partner) (30 Points)
Replied 18 February 2010

Originally posted by : pradeep
	Dear Sir Acc to the Rule Credit of the TDS shall be given to the assessee, for the revelant AY for which the income is assesable & IF the income is assesable in different yrs or in subsequent yrs then the credit of the TDS sholud be allowed during the yrs in the same proportion in which the income is assesable to tax