Urgent advice needed

Tax planning 438 views 6 replies
User Avatar

Student CA Final
212 Points Joined March 2014
Dear Experts, I have 2 very important questions for which I require your precious advice.
 

 

1.A Company may follow accounting as per received basis and not on accrual concept. My question is if there is a mismatch showing the amount of INCOME as per 26AS (which happens to be 1.16 crores i.e liable to Tax Audit) and Income as per accounts ( i.e 98 lakhs) the deficiency happening since the company is not maintaining books on accrual concept, can he be saved from tax audit or will he be penalized and scrutinized since there is a mismatch from 26as??
 

 

2. If an auditor gives a qualified opinion as per tax audit under 44ab, does it mean prone to scrutiny assessment?? Require your urgent advise at earliest. Thanks

 
0 Reply Share Follow
On 23 July 2015 at 23:20 Report
Replies (6)
User Avatar

9873059766 Increasing knowledge through
296 Points Joined January 2011
Sec.128 of Companies Act,2013 provides that the books of account must be prepared on accrual basis. Then, how can u prepared on cash basis.plz clarify it then I m able to give u any opinion
Reply
On 24 July 2015 at 10:46
User Avatar

AM
216 Points Joined September 2014
As per Sec 128, Only accrual method of accounting is allowed. Then, there will be no question of difference in figures.
Reply
On 24 July 2015 at 10:54
User Avatar

Student CA Final
212 Points Joined March 2014
What if the assesse is a proprietership firm?? Then as per section 145 (2) cash basis cn be followed , right???
Reply
On 26 July 2015 at 22:36
User Avatar

9873059766 Increasing knowledge through
296 Points Joined January 2011
Yes, but please brief the situation in which u want to apply cash basis. Cash basis is available for recognition of PGBP and Other source income.
1 Reply
On 26 July 2015 at 23:37
User Avatar

AM
216 Points Joined September 2014
Ya..Then cash basis could be followed. In that case the TDS not claimed in current year can be claimed by you in future years.
1 Reply
On 27 July 2015 at 08:12
User Avatar

Others
21 Points Joined July 2015

Hi,

Advice required for Income Tax filling for below:-

One of my income source has deducted TDS and submitted to IT dept and it is shown in form 26AS.

But the payment they have done is not received in to my A/c due to their a/c freeze by Govt. agency.

How it should handle while filing e return as same was shown in my income but actually that income not received by me.

Early response is highly appreciated.

Regards

Sanjay Gupta

 

 

Reply
On 27 July 2015 at 11:26


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading