Senthilraja (Chartered Accountant) (57 Points)
18 January 2011
Partnership firm has carried out a work for the financial year 2009-10 but billed during the financial year 2010-11. Payments received during the year 2010-2011 and the firm follows mercantile basis of accounting. TDS certificate 16A shows the payments relate to financial year 2009-10. Whether we can account the above bills during the financial year 2009-10 for which original return has been filed and file a revised return?
PRATEEK PATEL
(Student [I.C.A.I])
(993 Points)
Replied 19 January 2011
The bill date should be considered for the purpose of revenue recognition, so the income should be reconised in F.Y 10-11.
As the bill issued in F.Y 10-11, how one can deduct the TDS as an in earlier year(09-10) without having bill/invoice?
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