Tds credit out of (5) claimed this year meaning
Answers
Answer:
Since the income is offered in AY 2019-20, the credit of tax deducted in 2018 can be claimed in AY 2019-20. Thus Rakesh can fill the TDS amount of Rs. 190 in Col(6) of Sch-TDS 2. This is how the "TDS credit out of (5) claimed this year [Col(6)]" works.
For the FY 2017-18, the value would be 2017 and so on.) Column (5) will reflect the amount of TDS on the Gross amount reported in Col (3). In this case, it will be Rs. 190. Column (6) denotes the amount of TDS which the taxpayer is claiming as TDS credit out of TDS amount reported in Col (5)
Explanation:
Basically, credit of TDS on any income can be claimed only in the FY in which the income is actually earned and not in the year in which it is has been received. Any advance payment made to you during the year on which TDS has been deducted will not be allowed to be claimed as TDS credit in that year.
Answer:
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