Tds on advance payment
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2012
We have received advance in the month of March for the services to be invoiced in April.
Our client has deducted TDS on advance payment & will be issuing TDS certificate for the same, but we will invoice the services in next F/Y.
So, how can we claim TDS deducted in current F/Y against income of next F/Y
Our client has deducted TDS on advance payment & will be issuing TDS certificate for the same, but we will invoice the services in next F/Y.
So, how can we claim TDS deducted in current F/Y against income of next F/Y
29 March 2012
Although income will arise in the next financial year, the TDS claim has to be made in the current year.
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2012
Please refer sec 199 and rules 37BA
"(3) (i) Credit for tax deducted at source and paid to the Central Government, shall be given for the assessment year for which such income is assessable.
(ii) Where tax has been deducted at source and paid to the Central Government and the income is assessable over a number of years, credit for tax deducted at source shall be allowed across those years in the same proportion in which the income is assessable to tax"
"(3) (i) Credit for tax deducted at source and paid to the Central Government, shall be given for the assessment year for which such income is assessable.
(ii) Where tax has been deducted at source and paid to the Central Government and the income is assessable over a number of years, credit for tax deducted at source shall be allowed across those years in the same proportion in which the income is assessable to tax"
01 April 2012
As per TDS rule they have to deduct on advance payment and at the time of filing the ITR there is no any specific column for TDS on advance payment, so you have to claim this TDS in current year and showing the detail of this TDS at the time of assessment.
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