Master in Accounts & high court Advocate
9615 Points
Posted on 28 December 2024
To address this issue, you can follow these steps:
Reporting in ITR 1. *Report the income in the correct year*: In the ITR form, report the income in the financial year it was earned (FY 2022-23), not when the TDS was deducted (FY 2023-24).
2. *Claim TDS credit in FY 2023-24*: Claim the TDS credit in the ITR form for FY 2023-24, as the TDS was deducted in that year
3. *Explain the discrepancy in the ITR*: In the ITR form, provide an explanation for the discrepancy in the turnover in FY 2023-24 due to the TDS deduction.
Specific ITR Form Sections 1. *ITR-1 or ITR-3*: Report the income in the correct year in the "Computation of Income" section.
2. *TDS Schedule*: Claim the TDS credit in the TDS schedule (TDS1 or TDS2) for FY 2023-24.
3. *Additional Information*: Provide an explanation for the discrepancy in the "Additional Information" section. Supporting Documents
1. *Invoice copy*: Keep a copy of the invoice issued in FY 2022-23 to support the reporting of income in the correct year.
2. *TDS certificate*: Obtain a TDS certificate (Form 16A) from the deductor to support the TDS credit claim. By following these steps, you can accurately report the income and TDS credit in the ITR form, avoiding any defects or discrepancies.