Dear Sir,
I am working with Property developer, Recently we sold one site and the purchaser has deducted TDS on Sales consideration, can we claim TDS and how will be accounting entry... Please guide.
1 Replies
Nikhil Kaushik
(Fellow CA)
(85758 Points)
Replied 28 October 2013
The buyer has deducted TDS under section 194IA.
While filing your tax return, you shall claim credit for such TDS.
Accounting Entry
Bank A/c / Party A/c Dr
TDS A/c (asset) A/c Dr
To the relevant income A/c
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