25 March 2009
Can TDS for FY 2008-2009, be claimed in FY 2009-10, if the actual payment recd after 31-3-2009,when assessee is maintaining its books on cash basis and the procedure for claiming the same.
25 March 2009
In case of cash basis accounting, TDS amount is treated as income even if the actual payment is not recd. For example Bill amt was 100000/- and TDS deducted 10000/- in FY 2008-09. If Rs.90000/- recieved in 2009-10, the Income to be considered for FY 08-09 shall be Rs.10000/- for which you have recieved the TDS certificate. TDS has to be claimed in the year in which it was deducted. No other option available.
25 March 2009
Sorry but dont agree with Mr.Maheshwari. You can claim TDS in F.Y.09-10 when you actually receive the income. You can claim the TDS only in the year in which you show the corresponding income.
25 March 2009
Yes. You can and should claim the TDS in which u book the corresponding income. There is also a clarification from the dept. in this regard.
25 March 2009
Dear friends, if you see the section 199 after amendment by finance Act 2008, it is very much clear that now TDS has to be claimed in which it is deducted. For better clarification also see the footnotes of the section in the Act. Secondly, the practice I mentioned is very much clear, and it is followed by CAs in their own book writing. It has been already discussed in this section somewhere also, but right now I am not getting that discussion. Whenever I shall get, I will let you all know about that.
26 March 2009
Dear Nitin, Can you pls send me the text of that clarificatory note. I have discussed this issue with lots of my seniors and they are of the same opinion what I wrote. If you can provide some supporting material then it would be more clarificatory for me.
26 March 2009
To all who replied my query, thanks a lot pls provide the clarificatory note and how one should claim it in ITR 4, because if you go through TDS schedule 2 the last column no 7 says AMOUNT OUT OF (6) CLAIMED FOR THIS YEAR. pls put some light on this particular coloumn, I personally think, you can claim TDS in the following year.
CAclubindia
