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Tds credit

TDS 1154 views 1 replies

Sir,

Assessee has recorded its revenue for the Financial Year 2011-12 and file the return with-in due date, but the revenue relised in 2012-13 and the TDS dducted against payment to assessee.

While recording revnue the assessee has not considered TDS (deducted in 2012-13 on payments) and the same has not claim in return filed by the assessee for the F Y 2011-12.

TDS credit on payment received in F Y 2012-13 against revenue recorded in F Y 2011-12 is reflected in 26AS for F Y 2012-13.

Please suggest on this, what action should assessee has to take to correct the things.

 

Ajai Bajpai

Replies (1)

No action is required in assessee's side since it is the mistake of the deductor who has failed to deduct and deposit TDS on FY 2011-12 and done by him in the later FY. Since assessee has already booked his revenue on accrual basis, he is eligible to claim TDS on FY 2012-13.


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