Tax deducted is income received U/s 198 of the IT Act

Sri Y. Rathiesh V. CIT (Andhra Pradesh High Court) Assessee for the income under the head of “Business or Profession “ or “Income from Other sources” has got option either to follow cash or mercantile system of accounting. Once he chooses the option, he has to follow on regular basis. As per Rule 37BA , (i) credit for tax deducted at source and paid to the Central Govt. , shall be given for the assessment year for which such income is assessable. (ii) where tax has been deducted at source and paid to the Central Govt., and income is assessable over a number of years, credit for tax ded...