There is interest income from late payment of bills which has been included in Total turnover as per GST. The payer has deducted TDS on such interest. Now how to present such income in Income Tax. If i show it as IFOS then turnover will not match with GST turnover or if i didn't show as IFOS then how to claim TDS ?
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How to show interest in Income tax
Replies (3)
You can show interest in P&L, disallow it in ITR as considered seperately and show it under IFOS.
You can also show under P&L as other income and claim TDS also.
TDS you can claim either under Business head or IFOS head.
You can also show under P&L as other income and claim TDS also.
TDS you can claim either under Business head or IFOS head.
I have included interest amount in turnover and claimed tds. Is it ok. If not then i have to revise return as well as audit report also.
Revising audit report is not an easy task.
Discuss the matter with tax Auditor. Follow what he advised.
Discuss the matter with tax Auditor. Follow what he advised.
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