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Turnover=bankreceipts vs 26as

JSR (CA) (69 Points)

08 December 2012

bank receipts 10crores and tds deducted only on 5crores

turnover booked in books 10crores

how you have to justify before ITO i.e. the entity turnover 10crores

nature of business contractor 194c apply there is no small works all the works to the companies only

no existence of loans

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5 Replies

CA CS Chirag (Practicing CA) (834 Points)
Replied 08 December 2012

Dear JSR as per my opinion you have booked income more than amount shown in 26AS which would not be required to prove as it is received through bank and if the TDS is not deducted on the same than that is the fault on the part of payer and not by your client so no need to worry

1 Like

CA Vanamala Phani Kumar (Proprietor of M/s Vanamala and Co) (972 Points)
Replied 08 December 2012

ITO may ask books of accounts

1 Like

Durga Prasad (Trainee) (392 Points)
Replied 08 December 2012

Sir,

It is the companies responsibility to deduct TDS, and if you have shown turnover of 10 lakhs in your books and paid tax on that then no need to justify.

1 Like

satish kumar voleti (A.C.A., (ICWAI)) (1686 Points)
Replied 08 December 2012

You have received an of amount of RS. 10 crores in bank but you client has tds on 5 crores of turn over only.. ask a ledger copy from him... as proof to show the source of income... there might be a chance he would not have show the other 5 crores in this books... take the ledger copy and keep it as a evidence to show the source for 10 crores income...

1 Like

Prem Chandra Gupta (Financial Specialist) (52 Points)
Replied 10 December 2012

Rs 5 crore turnover from Transport contract . Under section 194 c it is mentioned if transport service provider has PAN Card then no TDS liability occured. So, 5 Crore will be exempted from TDS.

Prem Chandra Gupta