I am a sole proprietor, I have been maintaining books and paying taxes as on cash basis, I have received couple of payments from my clients, which i had billed in End March 2013 and the payment was received in April / May(next financial year) Although the companies had paid us in May they had provisioned the TDS in March 2013, which reflects in my 2012-2013 forms 26as.
The Challenge is that if I take these payments in last year, my entire accounting standard changes, also i end up paying additional taxes on higher slab last year on income which was not their actually.
Questions : Can I claim the Form 26 AS TDS for 2012-13 in 2013-14 / as the income has actually come in 2013-14. In ITR 4 Schedule TDS2 also has the provision of showing under the following 3 points Financial year in which TDS is dedcuted Total Tax Deducted Amount out of (Total Tax Deducted) claimed this year - So I only put the TDS of the amount collected till March, Now if I do this and only put data till march end, how do i treat this in the next year return, would i have challenges in getting this easily done next year
Any other suggestions?
CAclubindia
