Income recognition criteria
This query is : Resolved
Arpan Jain
(Querist)
25 September 2014
In our company one of the debtor deducted our tds in mar 2014, but we raised bill in may 14 and paymend received in june 14. Now for the purpose of income recognition which year will prefer 2013-14 or 2014-15
25 September 2014
Income should be recognised in FY 2014-15. TDS should be carried forward in the return of AY 2014-15 and the Income should be recognised and TDS should be claimed thereon in the return of AY 2015-16.
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