its very urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 September 2010
CASE:
an assessee receives an advance from his party. and the party has deducted the TDS on the same amount but the assessee has not provided the service to the party and deposited the amount in the bank account.
PROBLEM:
my problem is that whether the amount is to be treated as income or not
plz reply as soon as possible
an assessee receives an advance from his party. and the party has deducted the TDS on the same amount but the assessee has not provided the service to the party and deposited the amount in the bank account.
PROBLEM:
my problem is that whether the amount is to be treated as income or not
plz reply as soon as possible
06 September 2010
Even if you show it as advance, there is no issue. Next year when you account that income , you can claim the TDS deducted too...
OR alternatively, if you book this amount as income now the claim the deducted TDS too in the same year itself.
OR alternatively, if you book this amount as income now the claim the deducted TDS too in the same year itself.
06 September 2010
Nothing to do. Issue TDS certificate to the party.
Also can take the TDS credit for the same...
Dont consider it as income...
Also can take the TDS credit for the same...
Dont consider it as income...
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