26 as regarding..
This query is : Resolved
22 April 2015
Sir,
My debtor has booked as an expense as provision on 31.3.2015 amounting to Rs 1,50,000/- therby deducted tds of Rs 15,000/- and filed the qrtly return of TDS. This is reflecting in MY TDS statment 26AS.
Now, My question is: Neither I have'nt raised any bill, nor I had any receipt during F.Y. 2014-15 (I may receive it on 2015-16).
Should I consider this as my Income just because it is reflecting in 26AS...?
By doing this, I am liable to pay S Tax of Rs 12.36% and 30% tax on profit so expanded.
Am I right..?
This is what my CA is doing. He simply book the income according to 26AS.
My debtor has booked as an expense as provision on 31.3.2015 amounting to Rs 1,50,000/- therby deducted tds of Rs 15,000/- and filed the qrtly return of TDS. This is reflecting in MY TDS statment 26AS.
Now, My question is: Neither I have'nt raised any bill, nor I had any receipt during F.Y. 2014-15 (I may receive it on 2015-16).
Should I consider this as my Income just because it is reflecting in 26AS...?
By doing this, I am liable to pay S Tax of Rs 12.36% and 30% tax on profit so expanded.
Am I right..?
This is what my CA is doing. He simply book the income according to 26AS.
22 April 2015
Being a business man, your income will be accounted under accrual method of accounting. Therefore, you have pay the tax on your income, even though not received by cash.
Therefore, your CA is doing right.
Therefore, your CA is doing right.
22 April 2015
But.. Sir, I have'nt raised the bill too.! Moreover, why should i pay my s tax as 'Neither the bill recd nor the payment recd'..
My purpose is this..S Tax issue.
My purpose is this..S Tax issue.
22 April 2015
Dear Sandeep
TDS can be claimed in the year in which it is deducted even though the sales is not booked. However it is must that the same has to be reflected in next FY.
You can justify your action to income tax department by putting fact in front of him if in case query has been raised.
We practising CAs faces same problem every year.
If you show the sale according to 26AS you will be in trouble for service tax and which is baseless.
Let the practical problem of Income tax be limited to Income tax only.
TDS can be claimed in the year in which it is deducted even though the sales is not booked. However it is must that the same has to be reflected in next FY.
You can justify your action to income tax department by putting fact in front of him if in case query has been raised.
We practising CAs faces same problem every year.
If you show the sale according to 26AS you will be in trouble for service tax and which is baseless.
Let the practical problem of Income tax be limited to Income tax only.
22 April 2015
Thanks Mr Amit K Ganar..
But, now my question is how 'showingn the sales according to 26AS will trouble me ? if I am paying S Tax.'
But, now my question is how 'showingn the sales according to 26AS will trouble me ? if I am paying S Tax.'
22 April 2015
Dear Mr Sandeep
I mean when TDS is deducted on provision and sales is not booked by you in that particular FY in which TDS deducted and reflected in your 26AS.
If you opt to show sales completely as per 26AS even on provision then there is no question of trouble at all.
I mean when TDS is deducted on provision and sales is not booked by you in that particular FY in which TDS deducted and reflected in your 26AS.
If you opt to show sales completely as per 26AS even on provision then there is no question of trouble at all.
23 April 2015
Thankz.. Mr Ganar, Now I am clear.
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