44ada tax

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35 Points Posted on 21 February 2017

I provide software consulting service for a company in the USA. Since this is the first year of operation (started on June 16), I am planning to file the tax return under 44ADA.

After providing consulting service for a month, I submit invoice early next month and gets payment in 15-20 days.

I would like to know in which financial year income will be added

  1. Service provided in month of March 2017
  2. Invoice send to the client on 1st April 2017, and payment received on 20th April 2017.

Above question is specific for income tax as service tax is not applicable in this case.

 

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On 21 February 2017 at 21:34 Report
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book your expense in previous year 

and book ur sales in next year 

 

 

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On 21 February 2017 at 22:36
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35 Points Posted on 22 February 2017

Thanks for quick reply.

Do sales and service render use same logic? In my case, i have provided service in March but invoice and payment were received in April.

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On 22 February 2017 at 10:37
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u do work in march while doing it u incured some expeses so it has to be come in that month if u want u can raise ur bill in march also let payment come in next month but on sales u need to pay tax whatever applicable 

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On 22 February 2017 at 13:41

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