TDS Refund

TDS 609 views 2 replies
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29 Points Joined January 2008

TDS has been deducted on Advance. However, the work for that advance is being postponed to the subsequent financial year.

Whether the I T Department can hold the TDS till such work is billed, should it refund it (giving cr in the year of payment)

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On 25 June 2009 at 10:26 Report
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here to updating the knowledge
485 Points Joined May 2009
The TDS is claimed in the year of Income recognised and offered for tax and as such the TDS can be deferred to next financial year in which the work is billed. ( section 199 of the IT ACT)
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On 25 June 2009 at 10:36
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Originally posted by :RAMANJU
"
The TDS is claimed in the year of Income recognised and offered for tax and as such the TDS can be deferred to next financial year in which the work is billed. ( section 199 of the IT ACT)		 "

 

Thanks for the information but One question is there any provision for interest as this amount of refund had been pending with IT dept from 6-8 months (apx), Is the refund will payable along with Interest if yes then what is rate of Interest.??

Thanks

Rajesh

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On 25 June 2009 at 10:57


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