SALES MISSED 2017-18

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INCOME TAX PRACTITIONER
1329 Points Posted on 29 January 2020

SIR,

WE HAVE SOME MISSED SALES INVOICE VALUE FOR THE YEAR 17-18 , FOR THAT CAN I PAY TAX AMOUNT IN DRC-03 NOW? OR ANY OTHER SOLUTION?

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On 29 January 2020 at 10:46 Report
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Quick Summary
This discussion addresses how to handle missed sales invoices from the 2017-18 financial year. The consensus is to declare the actual transactions in your annual return and pay the outstanding tax liability, along with applicable interest, using the DRC-03 form. Calculations for interest are provided, typically at 18% per annum, starting from the day after the original due date (usually 1st April 2019 for FY 17-18 if not filed by 31st March 2019).

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"Do the Right Thing...!!!"
128162 Points Posted on 29 January 2020
Pay the difference and payable amount through DRC-03 Form.

But, Your query is not cleared...!
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On 29 January 2020 at 11:08
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INCOME TAX PRACTITIONER
1329 Points Posted on 29 January 2020

SIR,

WE HAVE MISSED OUR SALES INVOICES IN 17-18 FOR A VALUE OF 500000/- AS TAX AMOUNT. NOW WE GOING TO FURNISH ANNUAL RETURN. CAN WE PAY THE DRC 03 SEPARATELY OR INCLUDE THE SALES IN ANNUAL RETURN AND PAY THE DIFFERNCE AMOUNT OF TAX IN DRC-03 OR ANY OTHER MANNER?

 

THANKS,

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On 29 January 2020 at 11:21
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"Do the Right Thing...!!!"
128162 Points Posted on 29 January 2020
If You are missed the sales value for the FY 17-18 then Show the actual transactions in GSTR annual return and pay the liability through DRC-03 form...
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On 29 January 2020 at 11:24
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Studwnt
1141 Points Posted on 29 January 2020
Pay it along with interest
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On 29 January 2020 at 11:31
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accounts
173 Points Posted on 29 January 2020
Can anyone tell how to calculate interest if bill for Aug 17 amt 10000 and paying now 18% at 1800 now through drc 3
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On 29 January 2020 at 12:02
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"Do the Right Thing...!!!"
128162 Points Posted on 29 January 2020
Calculate interest @ 18%p.a as

= 1800 * 18% / 365 * no.of days dalayed...
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On 29 January 2020 at 12:05
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accounts
173 Points Posted on 29 January 2020
Raja sir do i need to calculate days from sep 17 to jan 2020 as i am paying now
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On 29 January 2020 at 12:10
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Studwnt
1141 Points Posted on 29 January 2020
Approx 760/- as interest to be paid
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On 29 January 2020 at 12:14
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"Do the Right Thing...!!!"
128162 Points Posted on 29 January 2020
@ Renuka Sharma.,

Yes... You can calculate interest from 01/04/2019 to Current Date...
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On 29 January 2020 at 12:19
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accounts
173 Points Posted on 29 January 2020
Thannks raja sir
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On 29 January 2020 at 12:25
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"Do the Right Thing...!!!"
128162 Points Posted on 29 January 2020
You are most welcome...

As of today the Interest value Rs. 269.85 (R.off - 270)
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On 29 January 2020 at 12:28
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accounts
173 Points Posted on 29 January 2020
Roshni ji & Raza sir pls send calculations
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On 29 January 2020 at 12:36
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"Do the Right Thing...!!!"
128162 Points Posted on 29 January 2020
= 1800 * 18% / 365 * 304
= Rs. 270/-
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On 29 January 2020 at 12:45
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accounts
173 Points Posted on 29 January 2020
Thank you sir
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On 29 January 2020 at 12:48

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