TDS Receivable on advance, Income Tax

[Ashiesh Prremji]

Dear Expert,

Please clear my doubt whether TDS receivable can be booked at the time when advance received after tds ?

If no Invoice issued and advance as received refunded can we take TDS benefit while computing income tax if deductor has deposited TDS which he deducted while advance payment only.

Thanks,

Posts / Replies

[CASusheel Gupta]

Credit for TDS can be taken in the AY in which income is assessable i.e. in the year in which invoice is raised. Please refer to Rule 37BA(3)

TDS deposited in current year needs to be carried forward to subsequent year in the ITR.

CA Susheel Gupta

9811004443