Dear Sir
I took a contract and the party raised the payment of 50 lakhs advance and after deducting TDS, 26 As showing my Tds Now how will I show it in income tax?
please guide
3 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 30 May 2019
show TDS only to the extent it pertains to the income of the py . balance to be c/f and claimed during future years proportionately
akhilesh tiwari
(private worker)
(240 Points)
Replied 30 May 2019
sir please give one example for clearification
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 30 May 2019
suppose TDS of 100000 is made and contract is of say 10lacs. then you need to see out of 10lacs how much work you were able to complete in previous year.say if you complete work for 2lacs.then only 20%(100000*200000/1000000) can be claimed
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