Accounts

This query is : Resolved

mahipal m. chande (Querist)
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23 September 2014 we have received a bill for job charges for rs.50000. we have deducted 5000 as tds u/s. 194 c and paid the tds.

Now after payment of tds we found major defect in job work and denied the whole bill.

amount payable to jobworker was 45000 (50000-5000) before rejection of job work.

Now how to pass job work return entry?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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25 September 2014 you will claim Rs 45000 back from the worker. and Rs 5000 from tax refund through Form 26B

mahipal m. chande

mahipal m. chande (Querist)
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12 October 2014 thanks sir.
what is proper entry sir

party a/c. dr.50000
to claim (indirect icome)50000

or

party a/c. dr.50000
to job charges 50000(job return)

mahipal m. chande

mahipal m. chande (Querist)
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12 October 2014 another query sir

by mistake the account head of an exps. a/c.
gone as asset a/c. and ca also filed report wihoot correcting it.

now our assets were overstated and income was also over sated ?

what to do in this type of situation?

how to handle the matter if scrutiny arises?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 October 2014 why not revise the books and let Auditor issue a fresh report. file revised return on the basis of revised accounts.

mahipal m. chande

mahipal m. chande (Querist)
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13 October 2014 but sir i think there is no provision for revising and uploading revised tax audit report

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