TDS DEDUCTION ON ADVANCE BUT NOT SHOW IN GST

1. Reporting Advance Receipt: In the GST system, it is generally required to report advances received, even if no invoice was issued at the time of receiving the advance. It is advisable to rectify the situation by showing the advance receipt in your GST returns for the appropriate tax period. This will help maintain accurate records and comply with GST regulations.

2. Showing Turnover: When filing your ITR, you should ideally report your turnover as per the provisions of the Income Tax Act. The turnover reported in your ITR may not necessarily match the turnover shown in your GST returns. It is recommended to consult with a tax professional or chartered accountant to determine the appropriate turnover to be shown in your ITR based on the specific circumstances of your business.

3. TDS Claim: If TDS has been deducted against the advance receipt, you can claim the TDS credit while filing your ITR. The TDS amount can be adjusted against your tax liability.

4. Possibility of Notice: The chances of receiving a notice depend on various factors, including the scrutiny process of the tax department. While it is always advisable to comply with tax regulations and rectify any discrepancies, the possibility of receiving a notice cannot be ruled out entirely. It is best to consult with a tax professional who can provide personalized advice based on your specific situation.

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Any update... same issue with me.