Dear All,
If an Assessee is following Cash System of maintaining books of Accounts and someone deducts his TDS then whether he claim Dedution of the same in filing his Return?
Example :
An Assessee having only income from FD Interest and Banks deducts his TDS on the Interest accrued and he is following Cash System of maintaining BOA, then whether he is eligible for claiming Refung of Tax deducted in his return?
Yes, BOI can claim refund.
Credit of TDS can be taken only when income is offered for Tax .If BOA is maintaining on cash basis, Interest will be offered for tax only when it is encashed (in given case), Credit of TDS can be taken only that time
Thanks,
Yes as per the provisions of Section 199 of Income Tax Act TDS can be claimed only when income is offered for taxation
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
Hema Yashwanth & Associates
Chennai
B.Com
View Details
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
CCI
Pro
CAclubindia
