Held that sub-rule (3)(i) of rule 37BA makes it clear that credit of TDS shall be allowed in the year in which relevant income is taxable. Therefore, where the assessee-company, as per the regularly followed method of accounting, had offered relevant income, out of which TDS was deducted, for taxation in the assessment year 2017-18, credit of TDS was to be allowed during the assessment year 2017-18 in accordance with the mandate of section 199 read with rule 37BA, even though payers had deducted TDS in financial year relevant to the assessment year 2018-19.\u00a0 Matter was remanded for verification. (AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 199 : Deduction at source-Credit for tax deducted-Income offered-Payer has deducted tax at source in financial year 2018-19-Credit for tax deducted at source has to be given in the year in which the income was offered for taxation. [S. 4, 198, Rule 37BA] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-33888","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8OA","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=33888"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33888\/revisions"}],"predecessor-version":[{"id":33889,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33888\/revisions\/33889"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=33888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=33888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=33888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}