Availability of TDS credit

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..... Availability of TDS credit
Query (Issue) Started By: - madhavvan n Dated:- 29-8-2009 Last Reply Date:- 30-8-2009 Income Tax
Got 1 Reply
Income Tax
x co is a contractor undertaking contrac .....

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..... t jobs. For FY 08-09 it has received a sum of Rs. 5 crores and TDS deducted is Rs. 10.20 lacs can it accrue income of Rs. 4 crores since only Rs. 4 crores work is completed. In this case will the TDS .....

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..... credit of Rs. 10.20 lacs be available, or it has to accrue the entire Rs. 5 crores as income to claim the TDS of Rs. 10.20 lacs. ( this will be contrary to accounting standards as only work completed .....

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..... can be accrued as income) Reply By Rama Krishana: The Reply: The suggested procedure is to recognise income of Rs. 4 crores only as it has accrued actually per accounting standards and claim the bene .....

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..... fit of TDS proportionately. The proportionate claim of TDS can be made in the next year when the remaining amount of Rs. 1 crores would be recognized in the books of account. Now the format of return .....

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..... also permits this. You have to mention the amount of credit claimed out of TDS deducted.
Discussion Forum - Knowledge Sharing .....

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