Can an “individual” person who has
gross receipts of Rs. 5,40,000 with TDS of Rs.54000
maintain books on cash basis?
(Note : He is not bound to collect/pay service tax as his Total receipts is less than 10lakhs)
Menu
Can "individual" professional maintain a/cs on "cash basis"
Replies (3)
Any Individual can Maintain Accounts can Maintain Accounts under Cash Basis Method Under Income Tax Act
What about TDS deducted ?
In my case should i show it as
A)Gross Receipts Rs.5,40,000 as Income in P&L
or
B) Net Receipts Rs.486000 as Income in P&L
(Rs.486000 = Rs.540000 (-) 10% TDS)
| Originally posted by : Ashok | ||
 |
What about TDS deducted ? In my case should i show it as A)Gross Receipts Rs.5,40,000 as Income in P&L or B) Net Receipts Rs.486000 as Income in P&L (Rs.486000 = Rs.540000 (-) 10% TDS) |
 |
As you are maintaining accounts on cash basis the Income will be included when you actually receive it. Since TDS is Deducted Claim TDS.
Recent Threads
- RCM failed to file
- How to show 2017 home brought with loan, sold in 2
- Tds..... Demand
- Book of account related
- LTCG exemption on repayment of home loan
- OFFMARKET SALE IN LISTED SHARE-WITHOUT STT
- Development agreement from developer
- Section Pe Section, Par Marks Kahin Nahin!
- Delay filing of GSTR3B ITC issues.
- Wrongly e way bill
Related Threads
CAclubindia
