we are a company and we do business of giving loans. the interest gets attracted towards TDs and we claim it.
but there are some party which file TDs returns only on payment of interest and we show interest on accrual basis..how can we claim TDs if income is on fy 2015-16 but payment is done in fy 2016-17 hence TDs is visible only in next year 26 as... so how should we show income and TDs.
Menu
tds and 26as
Replies (4)
the other party is not following the provisions property....
book entry or payment which ever is earlier applies for this and he will get a notice also on less deduction.
you don't change the process for him you do it on accrual basis and discuss with the other party to change their practice
book entry or payment which ever is earlier applies for this and he will get a notice also on less deduction.
you don't change the process for him you do it on accrual basis and discuss with the other party to change their practice
thanks a lot for reply. but how can I claim TDs in this case
in this case he has to change the practise or else you have to pay the tax....
okay if they are not changing the practice then what we have to do??
my solution says to take income in one year and TDs of the same in another year when he pays us the money.
will this be a good way out??
my solution says to take income in one year and TDs of the same in another year when he pays us the money.
will this be a good way out??
Recent Topic
- Business income source for husband and wife
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
- NRI Query: Capital Gains Tax Exemption under Secti
- Royalty payment to UK
- Calculate ITR2 tax with equity and non equity prof
- LTCG on residential property sale - Rebate?
- TDS MISMATCH AND AIS
Related Topics
CAclubindia
