14 September 2023
I am facing a problem which I am going to explain here with example - We raised a bill for Rs. 10,00,000/- in March 2022, filed it in the GSTR-1 of March 2022, accordingly filed our ITR for FY 2021-22 with turnover Rs. 10,00,000/-. We have not received the amount within March 2022 and hence that amount shown as sundry debtors in the balance sheet of FY 2021-22. Debtor paid the amount to us in May 2022 and deduct TDS for Rs. 10000/- on it. But the problem is that we don't have any turnover for FY 2022-23, we filed nil GST returns for the year 2022-23. Now when we are preparing of IT file for FY 2022-23 our turnover as per GST is Nil whether as pre 26AS our turnover in Rs. 10,00,000/- which we have already filed in our previous year ITR as it relate to that year. Now if we file file our ITR for FY 22-23 with Nil turnover then is there any possibility that IT department make our return as defective return or serve us notice. Please suggest how to deal with this situation.
14 September 2023
File ITR and claim TDS return. It is proposed to insert a new sub-section (20) in the said section so as to provide that where any income has been included in the return of income furnished by an assessee under section 139 for any assessment year (herein referred to as the relevant assessment year) and tax on such income has been deducted at source and paid to the credit of the Central Government in accordance with the provisions of Chapter XVII-B in a subsequent financial year, the Assessing Officer shall, on an application made by the assessee in the prescribed form within a period of two years from the end of the financial year in which such tax was deducted at source, amend the order of assessment or any intimation allowing credit of such tax deducted at source in the relevant assessment year, and the provisions of section 154 shall, so far as may be, apply thereto and the period of four years specified in sub-section (7) of that section shall be reckoned from the end of the financial year in which such tax has been deducted. However, the credit of such tax deducted at source shall not be allowed in any other assessment year. This amendment will take effect from 1st October, 2023.
CAclubindia
