TDS DEDUCTED AND REMITTED BY THE PAYER ON CANCELLED PROFESSIONAL FEE CHARGES, I PRESUME THAT IN THE BOOKS OF PAYEE WHO IS A PROFESSIONAL, TO THE EXTENT OF TDS CREDIT RECIVED THE SAME IS REQUIRED TO BE OFFERED AS PROFESSIONAL INCOME. I HOPE THE ASSUMPTION IS CORRECT. OTHERWISE, COMPUTATION OF TAXABLE INCOME WILL GO WRONG.
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TREATMENT OF TDS
Replies (2)
can u tell me for interest on late payment of tds, from wen to start considering the number of months.
1. from the day on which the tds dedctd
2. from the due date for the filing of the said tds i.e. the 7th of the next month.
I donot think the income needs to be offered for taxation. How can somebody offer taxes on income not earned. If required, a reconciliation statement can be provided to the department.
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