19 September 2019
Sir 1. My client is took Govt Tender for supplying transfarmer. 2. Mar 2019 ending he raised GST invoice for year 2018-19 but he received payment in next year 19-20 and TDS is also deducted on such amount in the year 19-20. So, there is difference between 26AS sale and GST Sale in year 2018-19. 4. in such type of situation, what precaution we have to take?
19 September 2019
As per Income tax Act, TDS is to be deducted at the time of accounting or payment which ever is earlier. Here accounting and payment has taken place in FY 2019-2020 for the invoice raised by you in the FY 2018-19.
Hence you have to prepare reconciliation statement fro book sale and 26 AS sales to be shown to auditors and Income Tax department.
CAclubindia
