Please Help: Income n TDS Accounting
Posted Date : 21-Jul-2012 , 06:04:36 pm | Posted By mansi joshi
Say my income is accrued in year 2011-12 but receipt is in year 2012-13 than wat shal i give the accounting effect to Income n TDS for the 2 year and by this what will be mine Income Tax effect
Category : Income Tax | Answers : 3 | Comments : 2 | Hits : 422
Answers
Answer By: Vikash Kumar Jha
Dear mansi, if income accrued in 11-12 so it will be treat income of 11-12 so tds should be deducted and deposit on accrual basis but in the year of 12-13 there will be just a adjustment entry for parties from which cash is received
Answer By: CA VIPIN GARG
Dear Mansi, I am completely agree with what Vikash answered, regarding your counter question if any CA is maintaining the books on cash basis then the income and tds both will going to be booked on receipt basis only....
Hope you found the answer you were looking for, have a nice day..........
Hope you found the answer you were looking for, have a nice day..........
Answer By: Vikash Kumar Jha
Dear mansi to the extent of my knowledge tds should be deducted , received or accured which ever is earlier whether you are are maintaining book of accounts on the cash basis or accural basis as per the provision of TDS.
Comments
mansi joshi
23-Jul-2012 , 07:38:02 pmOk Vikash but do u mean the same for professionals ( CA ) who are in cash system.?
Vikash Kumar Jha
24-Jul-2012 , 08:09:29 pmIt should not be the same, whether you are maintaining on cash or accural basis as per the provision of Tds this should be followed by these professionals also to the extent of my knowledge