It payment
This query is : Resolved
01 July 2012
For Fy 2011-12 Income Tax was assessed under the head Salary Income.Subsequently retired from service in Jan 2012(Slab rate 30%)). Joined as Consultant in March 2012 &received professional fees in April 12 although TDS was deducted & deposited in March 12 @ 10%.Under the circumstance please advise whether
1)I have to show the said income in the Fy 2011-12 & pay the balance amount as Tax @ of 30%
2)I can show the income of consultant in the F.Y 2012-13,since payment received in April 12(i.e on cash basis) and pay Tax @ of 10% thereby ignoring TDS in March12.
3) Alternative option so that Tax is reduced to bear minimum if i have to show in my IT return for the FY 2011-12 under the head Salary Income or under any other head since March.
I am a Cost Accountant & have have obtained CP since May 2012.
Regards
S.GANGULI
1)I have to show the said income in the Fy 2011-12 & pay the balance amount as Tax @ of 30%
2)I can show the income of consultant in the F.Y 2012-13,since payment received in April 12(i.e on cash basis) and pay Tax @ of 10% thereby ignoring TDS in March12.
3) Alternative option so that Tax is reduced to bear minimum if i have to show in my IT return for the FY 2011-12 under the head Salary Income or under any other head since March.
I am a Cost Accountant & have have obtained CP since May 2012.
Regards
S.GANGULI
01 July 2012
You may follow cash basis of accounting for your professional Income.
.
You can show the professional income on receipt basis in FY 2012-13.
.
However, to get the credit of the TDS in FY 2011-12, you may show the professional income equal to the amount of TDS in FY 2011-12 itself as that part of income has already been received by you.
.
.
You can show the professional income on receipt basis in FY 2012-13.
.
However, to get the credit of the TDS in FY 2011-12, you may show the professional income equal to the amount of TDS in FY 2011-12 itself as that part of income has already been received by you.
.
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