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TMI BlogAvailability of TDS creditX X X X Extracts X X X X X X X X Extracts X X X X ..... x co is a contractor undertaking contract 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is completed. In this case will the TDS 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 acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unting standards as only work completed 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per accounting standards and claim the benefit 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... books of account. Now the format of return also permits this. You have to mention the amount of credit claimed out of TDS deducted. - Availability of TDS credit - Query Started By: - madhavvan n Dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed:- 29-8-2009 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... managementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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