TDS 26as

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Ganga

CA Final

59 Points Posted on 11 August 2011

TDS Credited in 26AS is different from TDS Certificate given by the Client and the total interest (194A) received from the Bank Statement is different from above two (26AS & TDS Certificate)

1,Which amount to be in the head "Income from Other Sources"

2.Which amount to be claimed as TDS in the Return

3.Another Question , in the TDS Certificate it includs next year interest amount (in the bank stm next day (1.04.2010) the interest is Credited) which amount to be claimed as TDS in the Return (Whether by Credit Basis or Receipt Basis)

Replies (5)

CA Santoshi

Chartered Accountant

38 Points Posted on 11 August 2011

Ganga

Please clarify from the party deducting TDS, the reason for discrepency between 26AS and TDS certificate. its better to file the return and claim TDS credit in tune with 26AS to aviod any query from the department.

Regards

Santoshi

Mihir

Wealth Manager

5358 Points Posted on 11 August 2011

Interest on bank recd is income from other sources.

I think the value date of 31/03/2011 on the bank statement should be taken in the previous year FY 2010-2011 eve if it got credited on 01/04/2011.

Abhishek Ravi

Student

29 Points Posted on 11 August 2011

As for the first two questions, the answer is Form 16A, it being the conclusive evidence of the fact that TDS has been deducted. Form 26AS will not show non e-TDS return payments, therefore, it is better to go by form 16A.

As per the provisions of IT Act, TDS is to be deducted on credit or payment, whichever is eariler. Hence, even though interest is credited in the next financial year, it is paid this year itself.

Hope that solves your questions.