We have done Contract Work. Our Party has not deducted TDS and paid full payment to us in 2017-18. In 2018 - 19 our party is deducted the TDS on all payment made to us since 2017-18 to 2018-19.
Please Clarify the below queries :
1. Can we take the prior period income/expenses of 2017-18 in 2018 - 19 P/L A/c and to claim the TDS deducted amount.
2. Any effect in current year (2018-19) P&L A/c due to added the prior period income/ expenses of 2017-18.
@ Siva
Hope you must have filed ITR3
if not then, you check 26AS statement. There you will find TDS deduction amount appearing alongwith interest payment amount.
If any error in that you can ask your party to follow correction process.
Pass book entries accordingly. Rest tax auditor will take care of. (if under tax audit)
Gupta Sachdeva & Co. Chartered Accountants
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CA Final
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