My client has issued an invoice in the m/o April 2021 and also received the payment in the same month from the customer. The customer has deducted the tds on the invoice amount and reported the same in his TDS return in
Mar 2021. In this case what should be the accounting treatment and how to report TDS in the ITR.
Thanks
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Query - Accounting & TDS.
Replies (1)
When was the service rendered? If the services were rendered in March 2021 or prior to that, then you may have to recognise the revenue on accrual basis and accordingly offer it to tax. With respect to TDS, in terms of section 199 of the Income-tax Act, 1961, it can be claimed in the year in which the income is offered to tax.
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