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our customers deduct TDS under sec.194-J and make the
payment. we deduct TDS under sec.194-J to clients and pay
them professional fees. can we get credit of TDS which we
made to our customers and claim for what we have to pay
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Answer Posted / h.r. sreepada bhagi
TDS on the incomes received can not be adjusted against TDS
on incomes paid.
TDS on payment or credit to any payee should be remitted to
the Central Government A/c on or before 7th of the following
month & TDS Certificate/s needs to be issued to the deductee.
TDS on the incomes received is like Advance Income Tax and
needs to be adjusted to the tax liability in the Income-Tax
returns to be filed. One should receive TDS certificate from
the deductor and keep for reference & records. Though it
need not be filed with Income-Tax Returns, it needs to be
produced to the assessing officer, if demanded.
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