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Income calculation

sudhir (architect) (25 Points)

25 March 2019

sir i have a construction company ...my income will be calculated on payments received or bill generated

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7 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193928 Points)
Replied 25 March 2019

As per bills generated..

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sudhir (architect) (25 Points)
Replied 25 March 2019

but sir in future if i do not get that payment then...........

CA. Umesh kumar (ca.umesh11@gmail.com) (1465 Points)
Replied 25 March 2019

Do not issue final invoice. If you get payment then issue final invoice. further if you issue invoice say in march then you have to pay gst in april, but if you receive payment in july then you will have problem so better issue invoice in july when you receive payment

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193928 Points)
Replied 25 March 2019

Claim loss/credit as amount not recoverable, even after due compliances...

sudhir (architect) (25 Points)
Replied 25 March 2019

Sir the case is I have raised bills of consultancy to few companies...now most probably I will receive payment in next financial year..so is it possible that I calculate them in my next year income when I will receive payment....my purpose is not saving any tax ..but I want to pay tax only on the payment I have received

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193928 Points)
Replied 25 March 2019

Well, you may, but there will be mismatch of income and TDS deducted by your clients over the bills/services received by them.

Sanmitra Sanjeev Ratnaparkhi (-) (223 Points)
Replied 25 March 2019

TDS mismatch will not be an issue since you can carry forward your uncliamed TDS credit to the next AY and then claim it in that year in which you will declare that income.