TDS
This query is : Resolved
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????
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????
23 November 2010
yes...
the income & tds must correspond to each other.
the income & tds must correspond to each other.
23 November 2010
Income will be credited after adjusting the TDS by Bank. There is no difference as such between both the methods
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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