MR A IS TAKING RLY CONTRACTS
RLY IS PAYING HIM AFTER DEDUCTING OF TDS
QUESTION IS MR A IS RECEIVE THE PAYMENT OF BILL OF MARCH 2010
IN THE MONTH OF JYLY AFTER DEDUCTING THE TDS FOR MARCH 2010
HOW SHOULD MR A TREATE THE TDS WHICH HE GETS IN THE MONTH OF JULY OF
BILLS RAISE FOR EARLIER YEAR
Dear Sumit
Will the railway give F16A for Mr A with out adding the Payment of for the month of March? If it is added in the F16A for A Y - 2010-11 and the challans which consists Mr A's Tds amount would be remitted in the account of A Y - 2010-11 How can Mr A get a refund or Set off for his tax payable for the F Y - 2010-11? So . . . . When the income received or accrued, Tds Deducted and remited in the G A/c for the FY 2009-10 Mr A have to add the inome in that FY 2009-10.
It is clear that Mr. A has taken the income of march in the f.y. 2009 -10 by raising the bill in the month of march provided the method of accounting is on Accrual basis. now Mr. A has to check whether the Rly has deducted the TDS on said amount and accordingly he has to take the credit of it. Mr. A has to check in form 16A given by rly or in the form 26AS.
CAclubindia
