Tenant and property owner both registered in GST, During Lockdown tenant holds 3 months rent saying that he cannot give rent for 3 months, after negotiations tenant released 1 month rent by cheque DATED 10-05-2021 but the cheque was delivered on 01-06-2021 deducted 7.5% TDS showing it as F.Y-2020-21 payment
GST
When to raise the bill in GST by Property owner
1). It should be in Mar-21 and it belongs to last year
2). It should be in May-21 as date mentioned on cheque is May
3). Should it be in June-21as the cheque was handover in June Month
As the receipt was uncertain the landowner filed GST return of March-21
The pending 2 month rent is still under negotiation between both the parties and if the rent is received after 6 months , when to raise the GST Invoice
INCOME TAX
The tenant deducted 7.5% TDS on rent showing it as F.Y-2020-21 Expenditure, The property owner already calculated and paid sufficient Advance Tax for F.Y-2020-21 ,
1).Now can the Property Owner show it as this year income as income was uncertain and received after lot of effort
2).if the income shown in the previous year F.Y-2020-21 and GST invoice raised in 2021-22 can it create a problem with departments
and if balance 2 months rent is realized after submission of Income Tax returns or in next years
CAclubindia
