suvarnavijay (Student) (34 Points)
15 July 2016Sir / Madam
Pls clerify this. My friend is engaged in tranportation of goods business. But at the year end we are getting difference between our books and 26AS whrere 26A shows higher income than the books. We traced out all the bills/ invoices but everything is accounted properly. We are unable to decide which is correct amount of income to declare in the financial. Our doubt is we should consider the income a per our books or as per 26AS
CA Saurabh Singh
(Practising Chartered )
(974 Points)
Replied 15 July 2016
Hello,
The Income Tax deparment relies on the statement of 26A, if 26as shows higher income that can mean followings:
1. The assesse hasnt disclose all the income in books.
2. Improper deduction of assessee.
In your case , if you think their is improper deduction, please trace the TAN and party which shows excess deduction and verify their ledgers with ours, things would be resolved.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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