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Bank audit - claiming of tds

Dinesh V (Audit Assistant) (131 Points)

08 June 2012

Hi,

We got the appointment letter from the Bank on 3rd April 2012 for the year ended 31.03.2012.We have done the audit after the appointment letter.We have received the fees after completion of audit.

We received the fees from the bank & TDS certificates as 31.03.2012.

When we have to claim the TDS & also when we have to show the income in which year ?

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4 Replies

MAHESH GARG (AUDIT EXECUTIVE) (334 Points)
Replied 09 June 2012

Income will be shown on cash basis or accrual basis as per the method of accounting regularly followed and TDS will be claimed in respective financial year in which income is shown

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(Guest)

I agree to Mahesh also but,

Professionals are maintaing books of account on cash basis of accounting system so it will be claimed in the year in which income is considered and tds of the same also ir respective of the year in which TDS was deducted by client (Bank hereinafter)

Regards

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MAHESH GARG (AUDIT EXECUTIVE) (334 Points)
Replied 10 June 2012

i agree

Dinesh V (Audit Assistant) (131 Points)
Replied 11 June 2012

Thanks for all ... We are following mercantile system of accounting.

Can we claim the said TDS for y.e 31.03.2013 .Will there be any obtruction from any of dem .