04 May 2012
Yes ... For example if you are an individual rendering professional services you will get professional service fees after deducting the TDS if professional fee exceeds 30,000 in a year.
However while filing the Income tax return the TDS recieved can adjust against the tax payable on your income.
suppose we are getting some payments after tds and some of them are without tds. now at the year end while closing the accounts, we have a profit that includes the income after tds also.
now my question is, in case of company there is 30% tax on profit. so can we adjust that tds in net payable income tax by company.
CAclubindia
