After finalization of balance sheet, we come to know that, a party debited to our account his commission amount and deducted the same from our security deposit amount directly, which attract TDS. We have not booked this expneses and not deducted TDS in our books. In this reg. can we claim the abvoe said expness while computing IT Return or if any other way is their please adivse.
The client must have debited commission toward some services provided. In which FY this service was provided, whether it was booked in your accounts ? If it pertains to FY 2010-2011, it is better to update your final accounts and book the expenses. And if the client has deducted TDS from the debited amount, then deposit the TDS amount without delay.
if you are asking in regard of the last year... than change the balancesheet and profit & loss Account.....as you still have time...do it before filing ITR...
You cannot claim deduction in Income tax if its not shown in Final accounts...
And if the figure is not big than forget it...
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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