Can we claim TDS on Income deducted by any Co earlier. and After one quarter that Income is reversed & net amount( less TDS paid Back)
Case :-
•If We have invoiced a Pvt Ltd Co for domestic sales from April 2011 to June 2011 for around Rs. 1103K (inclusive of Service Tax)
•the Co. has paid us net amount of around Rs. 941K/- after deducting TDS of Rs. 104K/-
•In June end we have reversed entire Revenue charged to pvt ltd Co.
Now we have to refund the amount received to Pvt Co..
Please reply if we can avail credit of the TDS deducted by Pvt Ltd Co. while computing tax for FY 2011-12 or the same should be considered as expenses in our books & would be disallowed?
CAclubindia
