TDS on professional fees
This query is : Resolved
06 August 2008
When someone, who maintains accounts on cash basis, receives a TDS on 31st March on professional fees, should the amount of TDS alone be considered as income for the current year and the rest of it next year or the entire amount shown as income for that year.
Say
Income - Rs.1,00,000/-
TDS on above - Rs.10,000/-
TDS deducted on 31.03.2008
Accounts - Cash Basis
Can Rs.10,000/- be taken as income for this year and Rs.90,000/- for next year OR
SHOULD RS.1,00,000/- BE SHOWN AS INCOME IN CURRENT YEAR
Say
Income - Rs.1,00,000/-
TDS on above - Rs.10,000/-
TDS deducted on 31.03.2008
Accounts - Cash Basis
Can Rs.10,000/- be taken as income for this year and Rs.90,000/- for next year OR
SHOULD RS.1,00,000/- BE SHOWN AS INCOME IN CURRENT YEAR
06 August 2008
The princip;e to be adopted is Income and TDS claim will go together.
06 August 2008
yes, he is right
07 August 2008
Sir can you be a little more clear. I am unable to comprehend your message
07 August 2008
As per my opinion, He meant that you can claim TDS only for that much income as much shown by you in the respective financial year. If you are claiming TDS of Rs. 10000/-, you will have to recognise that income in your current financial year itself.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- SEC 54 OF IT ACT
- Form 26QB for TDS on property
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- RCM - commercial rent paid to URP under GST
- GST Annual Returns filing due date
- Offsetting interest income against derivative trading losses
- Whether still royalty
- Gst Sales of FY 2023-24
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
