06 August 2008
When someone, who maintains accounts on cash basis, receives a TDS on 31st March on professional fees, should the amount of TDS alone be considered as income for the current year and the rest of it next year or the entire amount shown as income for that year. Say Income - Rs.1,00,000/- TDS on above - Rs.10,000/- TDS deducted on 31.03.2008 Accounts - Cash Basis Can Rs.10,000/- be taken as income for this year and Rs.90,000/- for next year OR SHOULD RS.1,00,000/- BE SHOWN AS INCOME IN CURRENT YEAR
07 August 2008
As per my opinion, He meant that you can claim TDS only for that much income as much shown by you in the respective financial year. If you are claiming TDS of Rs. 10000/-, you will have to recognise that income in your current financial year itself.
CAclubindia
