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Current year TDS?
Income for the month of feb 2021(Fy 2020-21) , tds deducted by the buyer and wrongly filed in 2021-22 -Q1. can we claim tds in next year, and income declare in current year?
Replies (3)
TDS can be claimed in the year in which income is offered to tax. Please refer section 199 of the Income-tax Act, 1961
Agree with above
There are two concepts one
1. Financial Year is the year in which income is earned and accrues.
2. Assesment Year is the year in which income relevant to the previous year is assessed.
1. Financial Year is the year in which income is earned and accrues.
2. Assesment Year is the year in which income relevant to the previous year is assessed.
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