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TDS reflected in 26AS in financial year but not in Books of Accounts.

08 September 2019

What would be the implication if TDS on a certain bill of service provided is reflected in 26AS but we have not entered in books of accounts in the financial year?

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3 Replies

Kapadia Pravin (17264 Points)
Replied 08 September 2019

You can book the bill and TDS both as you must be following mercantile system of accounting.

TDS credit you can claim only if corresponding income is considered in the return.

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sabyasachi mukherjee (27721 Points)
Replied 08 September 2019

Pravin its not the case booking bill.
tds falls under CURRENT LIABILITIES AND PROVISIONS UNDER SCHEDULE 111 OF COMPANIES ACT 2013.
YOU HAVE TO PROVIDE FOR LIABILITY.
YOU MAU HAVE TO PAY PENALTY.

Kapadia Pravin (17264 Points)
Replied 08 September 2019

@ sabyasachi

The query is that TDS appears in 26AS.
That is certain services provided by querist but bill not booked. But TDS has been deducted by the receipient of service.

@ Gurvinder
The above reply by me has been based on this.

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