Hello,
I am trying to create a simple system of accounting for TDS in case of construction contracts. We are into renovation and construction of floors and furniture(interiors). For which we receive mobilisation adance amounting to about 10 percent of the entire contract value(net of tds) which is adjusted against bill raised by us from time to time. The contract may take a couple of years therefore the revenue is not really generated immediately. Therefore we cannot claim TDS in the year it has been deducted.
Kindly help.
CAclubindia
