13 May 2013
Dear Fellow Brothers/Sisters, One of my client offered commission income in previous year (a.y.2012-13) on raising debit note/bill. Whereas the payer accounted this amount as expenses in next year i.e. a.y.13-14 and deducted tds and paid the balance in next year.For this tds amount, the corresponding income has already been offered by recipient in previous year i.e. a.y 2012-13 without claiming tds credit,(as the same was not reflected in form 26as of the a.y.12-13). In the current year i.e a.y.13-14 form 26as,this amount is reflected.Now the question is how to the recipient could get the credit of the tds in current year without offering the income? Thanks in advance.
27 June 2013
Claim in the year in which it is paid by the deductor as you have already filed your return and paid the tax. What are you doing in the next year simply you are taking the refund or adjusting the amount deducted and paid to the credit of central govt.
CAclubindia
