Tds credit

[MANISH SHARMA]

1.)For which no. of year, we can claim the credit of TDS (excluding the current year)? 2.)Can we claim the credit of TDS for the financial year 2006-07 in the ITR for Financial year 2008-09. 3.)Please provide any circular or notification of such.

[Ravi Chopra]

As per the scheme of the taxation, you can claim the benefit of TDS in the year in which you have offered the income, on which TDS has been deducted, to be taxaed as part of you income.

AI Summary

TDS credit: claimable in the year you include the deducted income in your taxable income.
TDS credit is claimable in the year in which the taxpayer includes the income on which TDS was deducted in their taxable income; entitlement to credit follows the year of inclusion in the tax return rather than the year the deduction occurred.