Final Report
This query is : Resolved
sankar ponnan
(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
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
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.
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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