17 July 2008
suppose an MR. A has commission income in P.Y 2005-2006 and his TDS has not been deducted by ABC LTD ,then resultantly commission expense will be disallowed to ABC LTD for the P.Y 2005-2006 And same will be allowed in the previous year when he deduct TDS and deposit it into the credit of central govt.(SUPPOSE ABC LTD DEDUCTED TDS IN PY 2008-2009) Now my question is that can MR.A claim TDS in the subsequent previous year(i.e P.Y 2008-2009) he got TDS certificate from ABC LTD.(Mr. A had already filed his return u/s 139(1) FOR P.Y 2005-2006 AND FOR YEAR 2006-2007 AND P.Y 2007-2008) PLEASE NOTE THAT REVISION U/S 139(5) IS TIME BARRED NOW.
17 July 2008
The TDS should be claimed in the previous year in which the income on which tds is deducted is declared. Options available 1) Revised Return 2) In the year in which income is declared u should have claimed TDS and TDS certificate can be filed with IT authorities with in 2 yrs from the end of the A.Y.
Now in ur case both are options are useless. So U cannot claim the TDS.
CAclubindia
