Got lower TDS certificate for buying a NRI property with certificate validity till 31 st March 2021 . Can deduct TDS before 31 st March 2021but payments of sale consideration can only be made around 20 Th April 2021. Should I apply for new certificate for FY 21-22 or existing certificate valid till 31st March will work if I deduct TDS before 31st March without crediting sum to seller accounts
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TDS deducted but receivable income credited in next financial year
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TDS must be deducted at the earlier of credit or payment. If you credit the income to the seller in March, you must deduct TDS using the certificate valid for the current financial year, even if the cash payment happens in April. If you delay the "credit" entry until April, the transaction will fall under the next financial year, and you would need a new lower TDS certificate valid for that period.
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