Non receipt of net payment but TDS filed later and ITR revised return not filed
This query is : Resolved
26 February 2025
Dear Experts,
I had a commitment to receive Rs 15,00,000 as compensation for services rendered, which was later confirmed via email on 14-03-2024 and included in the draft balance sheet of the payer company (X). TDS of Rs.75,000 was deducted and deposited on 31-10-2024 under Section 194H. However, the net payment of Rs 14,25,000 has not yet been received.
I originally filed my ITR on 01-06-2024 and received a no-due intimation. Given that the IT portal has captured the Rs 15,00,000 in my account for FY 2023-24, I did not file a revised return by 31-12-2024.
My questions are:
If the payment is not received by 31-03-2025, what are the implications?
Can this income be deferred to FY 2024-25, given that I have not yet received the amount?
If I file a revised return during AY 2025-26 and pay the tax, but the payment is never received, can I claim a refund or adjust it in the next FY?
Are there any alternate approaches, such as claiming expenses under Section 44ADA or other provisions, to minimize tax liability?
I would appreciate expert guidance on the best course of action.
I had a commitment to receive Rs 15,00,000 as compensation for services rendered, which was later confirmed via email on 14-03-2024 and included in the draft balance sheet of the payer company (X). TDS of Rs.75,000 was deducted and deposited on 31-10-2024 under Section 194H. However, the net payment of Rs 14,25,000 has not yet been received.
I originally filed my ITR on 01-06-2024 and received a no-due intimation. Given that the IT portal has captured the Rs 15,00,000 in my account for FY 2023-24, I did not file a revised return by 31-12-2024.
My questions are:
If the payment is not received by 31-03-2025, what are the implications?
Can this income be deferred to FY 2024-25, given that I have not yet received the amount?
If I file a revised return during AY 2025-26 and pay the tax, but the payment is never received, can I claim a refund or adjust it in the next FY?
Are there any alternate approaches, such as claiming expenses under Section 44ADA or other provisions, to minimize tax liability?
I would appreciate expert guidance on the best course of action.
26 February 2025
what is your total income for the year? including this 15 lakhs.
26 February 2025
Gross Salary including Performance linked pay was around 16 L
26 February 2025
its salary or professional fee?
26 February 2025
TDS amount Rs 75000/- deducted and paid was for professional fee from a group company. I am a salaried professional.
26 February 2025
if it is being paid as professional fee, then I would not worry today whether the fee is received or not, you can file the return under 44ADA/44AD and practically pay not tax. mostly 100% of the tax deducted will be refunded to you.
26 February 2025
Thanks for your reply.
26 February 2025
you are most welcome :)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS in case of Inoperative PAN under Section 192A
- How to reclaim rent paid on behalf of a registered person?
- Non receipt of net payment but TDS filed later and ITR revised return not filed
- IGST of Feb 23, Can we claim ITC now?
- NSC interest taxability at maturity
- Sale of Ancestral property - Capital Gains
- Trust audit of Mumbai
- Form 26b submission
- GST implication in case of Proprietor
- Interest On TDS under section 201(1A)
- Intimation for CBCR Reporting
- Clerical mistake in GSTR 1 entered
- Difference in invoice
- Director's remuneration and RPT
- Amendment in GSTR1A
- GST adjudication monetary limit
- BSR AND CHALLAN SERIAL NUMBER IN CASE OF BANK ATTACHMENT ?
- CA FINAL Group-1 Completed
- B2C Large Invoice Reporting Requirement
- Different payment bank or method used rather than AD Code registered bank
Trending Online Classes
CAclubindia
