tds deducted on rent received in advance

 

i have received Rent of Rs.270000/-(net of TDS)  in november for the period november 2009 to october 2010.

it is @ 25000/- per month. 

Thus For the accounting year 2009-10 Rs.25000 for 5 months comes to 125000 & remaining Rs 175000 is for next accounting year.

My Question is that since total TDS deducted in 30000/- on entire Rs.300000/-, whether i should consider total Rent of RS.300000/- as income for the current accounting year as i am going to reduce my tax liability by this TDS of Rs. 30000/- ?

or anything else 

Replies (1)

Dear Kishor,

You should consider rent income only for the period upto march and keep rent received in advacne for the remaining amount.

 

Same way ask for two TDS certificate belonging to period upto march and for the remaining period.

 

As you would claim income only upto the priod of march, TDS should also be claimed on the same amount of rent.

 

You can claim TDS only when it belongs to the period of return filing.

 

Regards,

Bhavin Bhadra

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