TDS Receivable on advance

[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,

AI Summary

TDS Credit Booking and Claiming: Rule 37BA(3) Explained for Advances and Refunds Without Invoices A participant inquired whether TDS receivable can be booked when an advance is received after TDS deduction, and if TDS benefits can be claimed if the advance is refunded without issuing an invoice. The expert responded that credit for TDS can be taken in the assessment year when the income is assessable, typically when the invoice is raised, according to Rule 37BA(3). TDS deposited in the current year should be carried forward to the subsequent year in the income tax return.