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