Tds on provision of audit fee

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2013 MY CLIENTS HAVE DEDUCTED TDS ON AUDIT FEE PROVISION MADE BY THEM. BUT I MAINTAIN MY BOOKS ON CASH BASIS (ALLOWED FOR PROFESSIONALS). CAN I CLAIM TDS IN THE SAME FINANCIAL YEAR OR SHOULD I CLAIM IT IN NEXT FINANCIAL YEAR WHEN AUDIT FEE IS RECD BY ME.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

16 July 2013 Claim the TDS in the Financial Year in respect of which TDS return has been filed by the deductor.

Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2013 BUT ITS NOT MY INCOME FOR THAT FINANCIAL YEAR... THEN HOW CAN I CLAIM TDS. FOR ME IT WILL BE MY INCOME IN THE NEXT YEAR.

Upgrade to CAclubindia Pro. Subscribe Now!

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

16 July 2013 You can not claim the TDS in next year since it will be reflected in your 26AS of the Assessment Year in respect of which TDS return has been filed. So claim the TDS in the Assessment Year in respect of which TDS return has been filed.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
Follow

16 July 2013 Section 198 specially talked about that All sums deducted in accordance with chapter XVII shall, for the purpose of computing the income of an assessee, be deemed to be income received.

Therefore treat TDS as an Income for the financial year in which deduction has been made

Message likes : 1 times