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Final Report

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(Querist)
23 April 2021 Sir / Mam
We are Private Ltd. We are in position to show the provision for income tax up to Rs.14,00,000/- in the final report.

Our Auditor has advised us to show it in Profit and Loss account from the account of TDS receivables of Rs. 25,92,321/- as on 31-03-2021.

That means, he tells us to pass a contra entry between P & L account and TDS Receivable account.

As this is very first year of filing, Plz advise us whether this concept is correct or not.

Thanks in adv
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
23 April 2021 Show only provision of income tax of 14 lacs in p and l account.
File ITR claim refund of excess TDS. On receipt of refund credit it to TDS receivable account. Adjust tax provision and TDS receivable.
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