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Querist : Anonymous

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Querist : Anonymous (Querist)
15 August 2011 The company has given interest bearing security deposit. Total interest for the financial year comes to 30,000/-. The same was received in May,2011 after deduction of TDS.

What entry should be booked on 31st March.2011.Also how to account for TDS in 2010-11 books and when the benefit of tds can be availed..
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CA AYUSH AGRAWAL

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CA AYUSH AGRAWAL (Expert)
15 August 2011 int. recd. by assessee -

company name a/c dr
tds a/c dr
to interest a/c

tds to be claimed for year 2010-11 while filling return
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Querist : Anonymous

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Querist : Anonymous (Querist)
15 August 2011 But interest has been received in 2011-12 and tax has also been deducted in 2011-12 then will it be possible to claim TDS in 2010-11
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CA. Vikash Dwivedi

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CA. Vikash Dwivedi (Expert)
16 August 2011 As per AS-09 interest is recognised as per time proportion basis.

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