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Payment received after 31st March

Dibyendu (Consultant) (162 Points)

14 July 2011

Hello, I am a govt. contractor. TDS is deducted under 194C on 30th March, 2011, I received payment on 4th April, 2011 thru BANK. Whether this payment will be consider in comutation of income for 2010-2011 year? Plesae suggest. Thanks and regards, Dibyendu

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12 Replies

(Guest)

income relate to the year 2010-2011

1 Like

valji (Accounts manager-MBA) (2150 Points)
Replied 14 July 2011

agree with above

Dheeraj (Learner) (1100 Points)
Replied 14 July 2011

it depends on a/cing policy adopted by you

in case of

mercantile system =2010-11

cash system = 2011-12

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 14 July 2011

when TDS is deducted the payee would stand as debtors in books, he can not take credit of TDS in years other than year of deduction.

hitesh (Telecom Industry) (169 Points)
Replied 14 July 2011

in case this is an advance and activity is to be carried in the next financial year, then it will not.. else in all the scenarios it will be the income pertaining to f.y 10-11

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 14 July 2011

Originally posted by : hitesh
	in case this is an advance and activity is to be carried in the next financial year, then it will not.. else in all the scenarios it will be the income pertaining to f.y 10-11

on advance, TDS provisions does not apply

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 14 July 2011

IT IS THE INCOME OF 2010-11

P.GANESAN (Accounts & Audit) (54 Points)
Replied 14 July 2011

Hi, TDS is deductible on advance payment also.

C.A. Jignesh N. Mehta (C.A.) (1030 Points)
Replied 14 July 2011

Originally posted by : Dheeraj
	it depends on a/cing policy adopted by you in case of mercantile system =2010-11 cash system = 2011-12

This would determine the income part.

Now for TDS part, verify the certificate issued by the deductor.

If certificate is not received then verify it from Form 26AS which can be viewed by you from website www.incometaxindiaefiling.gov.in , if you have any further queries post it back here.

The assessment year in form 26AS or F.Y. mentioned in TDS certificate would justify your claim.

It is not necessary to account the income and claim TDS in same year. Due to accounting policies these may differ

For eg:- ( assume certificate for F.Y. 10-11)

on cash basis income forms part for F.Y. 11-12 whereas TDS would form part of F.Y. 10-11

on mercantile basis both same year i.e. F.Y. 10-11

For eg:- ( assume certificate for F.Y. 11-12)

on cash basis income forms part for F.Y. 11-12 and TDS would also form part of F.Y. 11-12

on mercantile basis income forms part for F.Y. 10-11 and TDS would also form part of F.Y. 11-12

For any further queries , you can post back