Our client is a traders offered gross receipts Rs.55 Lakhs in the profit and loss account as well as in the ITR accurately. Gross receipts as per 26AS is only 65 Lakhs, different is GST TDS to assess rs. 10 lac. However, the return is defective u/s 139(9), the error descriptttion is "as per rule 37BA of the income tax rules, 1962, read with section 199, credit of TDS shall be given for the assessment year for which such income is assessable. As seen from the ITR filed, credit of TDS has been claimed but the corresponding receipt/income has been ommitted to be offered for taxation. The above ommission is a defect, as per clause (a) of the explanation provided under sec.139(9)". Probable resolution mentioned in the 139(9) received is " The gross receipts/income, on which tax has been deducted, are to be entered in the schedule under the respective heads of income, as they are assessable in the year in which the credit for the TDS is being claimed". Our client is liable for audit and in the ITR filed we had disclosed gross receipts from profession is more than the gross receipts as per 26AS. Please give us a solution.
trading a/c sale 55 lac
as per 26as 65 lac
different on GST TDS 10LAC
ALSO MENTION IN BALANCE SHEET FOR PROVISION ON MARCH PAYABLE TAX