Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
10 August 2011Friends
The TDS deducted and deposited figure in form 26AS is more than the TDS recorded in our books of account.
This has happended due to deduction and deposits made by banks on 31-03-11 probably on credit basis. But it has not been taken in accounts as balance sheet was signed in June 2011 and usually interest on bank deposits is accounted on receipt basis.
Now in this scenario shoudl we claim TDS as per 26AS or as per books.
Please enlighten.
Regards,
Sandeep Chandak
(Service)
(45 Points)
Replied 10 August 2011
You should claim TDS as per 26AS and account for the balance amount in current financial year.
suman
(Auditor )
(388 Points)
Replied 10 August 2011
You should claim tds on basis of 26AS for simple reason of i.e. every company's books and tax profit and to a certain extent assets/ liabilites differs due to diffrent acts ( Co & IT act) . So in your case if 26 As is showing greater tds than accounted in books of account you must take benifit of 26as.
CA Sagar Khanpara
(Practicing Chartered Accountant)
(50 Points)
Replied 10 August 2011
you can take the credit.... you should revise the income tax return for claiming unclaimed TDS credit
swapna
(student)
(77 Points)
Replied 10 August 2011
first of all u should consult ur tax credited party
and then u rectify ur TDS 26AS statement
if no response against that u can claim TDS as per 26As.
CA R K SINGH
(CA CS FINAL CMA INTER)
(372 Points)
Replied 10 August 2011
You should claim TDS as per 26AS and in income from other source bank interest should be added while filing return of income
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 10 August 2011
| Originally posted by : suman | ||
 |
You should claim tds on basis of 26AS for simple reason of i.e. every company's books and tax profit and to a certain extent assets/ liabilites differs due to diffrent acts ( Co & IT act) . So in your case if 26 As is showing greater tds than accounted in books of account you must take benifit of 26as. |
 |
Suraj Agarwal
(Self Practitioner in Income Tax & GST)
(782 Points)
Replied 11 August 2011
Yes, You can claim the whole amount of TDS as shown in the Form 26as. There is no matter that there is less TDS in your books in comparision to form 26as.
CA Lovenish Bansal
(JOB)
(343 Points)
Replied 11 August 2011
Please Note that
1. TDS credit is teken when income if offered fot tax. In given case interest is not offered for tax it sholud be taken when interest income is offeres.
2. for company point of view, books are maintained on accural basis, TDS should be booked in books
Regd
Lovenish Bansal
T N Garg
(CA)
(21 Points)
Replied 12 August 2011
CA Lovenish Bansal is right. you can claim TDS credit only in the year you offer the Income. You should offer Interest income in the next year and claim TDS in next year only.
CAclubindia
