Submission of TDS Certificate with income tax returns

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Rachana Gadage

Account Executive

82 Points Posted on 15 October 2007

Hi all,

Situation:- XYZ company want to file return for the period of 01.04.2006 to 31.03.2007 i.e. before 31.10.2007. ABC company deduct tax for the period of 01.04.2006 to 31.03.2007 but ABC co not deposited the same to central goverment, ABC co. deposite this tax in Oct 2007 and generate the TDS certificate for XYZ co.

As per TDS cetificate TDS is deducted in 2006-07 but it is deposited in 2007-08.

My Q is Can XYZ co claim this TDS amt with income tax return filling for the period of 2006-07? y/n and why?

Replies (5)

CA. Dashrath Maheshwari

TaXpert

12483 Points Posted on 15 October 2007

If certificate is received before the filing return or before due date (whichever is earlier) then only the claim is allowable

CA.Saibaburao Nanduri

Chartered Accountant

4285 Points Posted on 16 October 2007

Rachana Gadage !

XYZ co. ought to record 'income' as well as 'tds'
during the assessment year 2007-08 in their books of account. They can claim TDS for the asessment year 2007-08.

ABC Co shall face the consequences for non payment of TDS to the Govt. intime.

Late CA Sampat Jain

Chartered Accountant

4609 Points Posted on 16 October 2007

The basis rule is this that TDS follows the income . TDS is allowable in the year , in which the respective income(on which TDS made) is assessed or credited to Profit and Loss Account . In your case , the concerned income is disclosed in the asst year 2007-2008 , there TDS on such income will be allowed in that year only. For late payment of TDS consequences will lie with the defaulter that is the Deductor .