Tds on accrued interest :: claiming in next year

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Aronyo

Self

51 Points Posted on 21 September 2012

I have made a Fixed Deposit with Bank on 26.03.2010. Bank regularly deduct the TDS and Form 26AS reflects the same.

My Balance Sheet as at 31.03.2011 reflects the interest accrued on the same FD but I did not claim any TDS credit on AY 2011-12 simply by mistake.

My question is, may i reflect the accrued interest of FY 2011-12 in the Balance Sheet as at 31.03.2012 but claim the TDS credit of 2011-12 as well as 2010-11 in the return for AY 2012-13 ?

Further, how to reflect the TDS amount in balance sheet ? I have read somewhere that it should be posted under Loans and Advances at Assets side. Is it Correct ? If so, shall I also deduct the TDS amount from the accred interest (while reflecting the value of the FD as on date)?

I have 3 separate questions, and it will be helpful my fellow members would reply all of them.

Thanks in advance

Replies (2)

CA Shyamal Mistry

M.Com A.C.A.

128 Points Posted on 22 September 2012

Yes, you can claim credit of TDS in the following year.
And for your second Question, TDS receivable comes under "Other Loans & Advances" under "Long Term Loans & Advances" as per Revised Schedule VI

Regards,

Shyamal

Aronyo

Self

51 Points Posted on 24 September 2012

Originally posted by : Shyamal Mistry
	Yes, you can claim credit of TDS in the following year. And for your second Question, TDS receivable comes under "Other Loans & Advances" under "Long Term Loans & Advances" as per Revised Schedule VI Regards, Shyamal