TDS certificate received in advance
This query is : Resolved
17 July 2008
My question is as a Advocate, Advocate is mainting his accounts on payment and receipt basis. He received a demand draft dated 31.03.08 in april 5th Fy 2008-09 from his Company client, Company has deducted TDS on this payment. My question is :- What accounting entry is to be passed in Advocate Books and what will be the impact of TDS certificate for the FY 2007-08.
Reply please.
Reply please.
17 July 2008
Credit of tds will be allowed in the year in which the related income is offered for taxation. The new return has coloumn to take care of such contingencies. Since the advocate is maintaining accounts in cash basis, the following entry is suggested.
31.3.2008
TDS dr
Party Cr
05.04.08
Bank dr
Party dr
Fee Income Cr
Tds should be shown in the the FY 07-08 Return, but nothing will be claimed. It will be claimed in FY 08-09.
Look forward to more replies.
31.3.2008
TDS dr
Party Cr
05.04.08
Bank dr
Party dr
Fee Income Cr
Tds should be shown in the the FY 07-08 Return, but nothing will be claimed. It will be claimed in FY 08-09.
Look forward to more replies.
17 July 2008
Hi Anil,
Credit for TDS certficate shall be availed in the year in which the icome is recognized and charged to taxation.
In your case,
As the books are maintained on payment basis, income shall be recognized in the F Y 2008-09 and the credit shall be availed in that year itself.
There will be no accounting entry in the books of the advocate in the F Y 07-08 nor he need to disclose the transaction in his return of income.
Rgds/
Vineet
Credit for TDS certficate shall be availed in the year in which the icome is recognized and charged to taxation.
In your case,
As the books are maintained on payment basis, income shall be recognized in the F Y 2008-09 and the credit shall be availed in that year itself.
There will be no accounting entry in the books of the advocate in the F Y 07-08 nor he need to disclose the transaction in his return of income.
Rgds/
Vineet
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