I own a Private Limited company and have Contract Income and also registered with GST. One of my client deducts TDS under Section 194c while transferring me the bill amount.
I have not received few tds credits in my 26AS because of which there is mismatch in my books Sales amount shown and in 26AS.
My question is suppose in my Books I have shown sales as 60 lacs and in 26AS the amount of Sales reflecting is 50 lacs (because of few bills not uploaded by counter party while filing tds return). Will there be any compliance issue for me by Income tax since I am showing more sales in the books than in 26AS.
19 November 2021
According to your query income shown in books is less than 26AS , so you take income as per 26AS and show the balance amount in current year , if you take book income ,it will be your unbilled revenue
19 November 2021
Income shown in Books by me is more than 26AS which is 60 lacs while in 26AS income is showing only 50 lacs as few bills are not booked by counter party.
19 November 2021
go by 26as,since the credits in 26As is the final , what sales you are shown in GSTR 1 , income shown in 26AS should match with GSTR1 , But for safer side you go by Books and diff take it to defered tax .
19 November 2021
But the Receipts I have shown in my bank account are 60 lacs and on the same amount GST is paid and the books of accounts are matching with GST returns filed. The problem is only 26AS since bills are not uploaded by the party.
Can I ignore 26AS and file return as per my books of accounts
19 November 2021
You are showing a higher income than 26as , so tax liability increases , you say GSTR 1 and 3b turnover matches with books , so better my opinion , there is no harm going through books . Ok it is best ok go through books .
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