In my current assignment, company book the TDS on Receipts at the time of receipt of payment. If bill has been booked in the previous year and I m receiving payment in the current year then debtor must hav booked the TDS at the time of receipt of bill (i.e. in the previous yr. ) . So can i take credit of the same in the current yr. of TDS deducted.
3 Replies
Girdharbhai N. Keraliya
(MANAGER (ACCOUNTS & ADMIN.))
(29 Points)
Replied 08 September 2009
We are manufacturer of bearing. We give some materials (like metal plates etc.) to our job workers and they undertake moulding process by using their own material ( like plastic granuals) on material (metal plate) given by us. They issue sale bill by charging VAT ( basic value + VAT). The basic value includes cost of material and job work done by them. They do not show separate cost of job work and material in theri bill.
Should we deduct TDS on sale bill (including VAT) raised by our job worker / supplier and at what rate.
aurangzaib khan
(financial consultant)
(95 Points)
Replied 08 September 2009
as per you query tds have been deducted by deductor in previous year. therefore it could be assumed that such deductor have been deposited tds amount within prescribe time limit. then you can take credit of such Tds if TDS certificate have been provided by deductor before furnishing the Incometax return.
Sonal
(CA Final)
(382 Points)
Replied 08 September 2009
Co. has already filed return.then wht to to?
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