21 September 2008
Payment recd in May 2008, with TDS in 2007-08, if only TDS can be claimed in 2007-08, as showing receipts will make turnover under Tax Audit. Any other suggestion?
22 September 2008
If you are following mercantile system of accounting payments received in may 2008 for the income of financial year 2007-08 is to be booked in 2007-2008 itself whether turnover crosses Rs.40 lakhs or not. Claim for TDS also can be taken in fin.year 2007-08.
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