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Professional Fees

RANBIR (A) (153 Points)

11 June 2011

Hi.

one question?

i am a CA. if i receive my professional fees for the month of march 2011 in the month of April 2011,can i show this income for FY 2011-12?

If yes, can i claim the TDS which is for the FY 2010-11, IN THE AY 2012-13(FY 2011-12)

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4 Replies

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 11 June 2011

professional fee will be taxable for you on receipt basis.

but if the tds is deducted on accrual basis than it can not be claimed on receipt basis

ractify me if i am wrong

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rachit jain (chartered accountant ) (635 Points)
Replied 11 June 2011

yes if he follow cash method then he can claim income on receipt basis.

but in regard of tds i think you have to claim it for f.y 10-11 itself but i m not very sure. wait for expert view

Keshav (chartered accountant) (286 Points)
Replied 12 June 2011

as per my knowledge goes, if u r following cash system,you have to show ur said income next year i.e f.y 2011-12.even if tds is deducted on accrual basis u can claim for it in f.y.2011-12.as u may hav seen in schedule of tds in itr form there are 2 columns,one for tds deducted and other for tds claimed.dont claim in fy 2010-11.and claim the same in next year.but ur all transaction for the year must b on cash system basis.kindly correct if i m wrong.