Advance payment of rs 1,00,00,000/ received by my company with tds deduction of rs 2,00,000/-. Advance shown by company as liability in Balance sheet.
Income booked in next year. IT authority is saying when there is no income from work this year so no tds credit will be allowed this year.
please help me with Act/circular/case laws.
You should carry forward your TDS claim for next year in the absence of corresponding income declaration.
These are as per TDS provisions and you have to abide by those.
CAclubindia
