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TDS

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(Querist)
23 November 2010 Suppose
I invest 10,00,000 in FD for 5 years on 01.04.08.
Interest is 10% p.a. simple interest.
Interest income per year = 1,00,000.
Bank credits FD with 90,000
Deduct TDS 10,000 each year.

I follow cash accounting system.
I take interest of 5,00,000 as my income in the 6th year.

How and when will i get TDS credit????
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
23 November 2010 yes...

the income & tds must correspond to each other.
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
23 November 2010 Income will be credited after adjusting the TDS by Bank. There is no difference as such between both the methods
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Ghanshyam T Jha

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Ghanshyam T Jha (Expert)
23 November 2010 In my opinion u can claim TDS credit in the year when you show income for the year.

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