Urgent advice needed

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

 
Replies (6)
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
As per Sec 128, Only accrual method of accounting is allowed. Then, there will be no question of difference in figures.
What if the assesse is a proprietership firm?? Then as per section 145 (2) cash basis cn be followed , right???
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.
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.

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

 

 

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