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regarding income

mudit gupta (CA) (330 Points)

25 December 2017

dear sir
My client made jobwork for 16 lacs but payment received 890234 and tds is deduct 9012 . sir
My question is in column of turnover I mention turnover 899234 or 16 lacs something
plz reply soon
REGARDS
MUDIT
thank you

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7 Replies

satish (teaching) (2046 Points)
Replied 25 December 2017

Here revenue is to be rcognised as per AS 9.

you should not consider either 16 lakhs or 8,99,234.

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mudit gupta (CA) (330 Points)
Replied 25 December 2017

you mean

mudit gupta (CA) (330 Points)
Replied 25 December 2017

as 9 is applicable on section 44ad

satish (teaching) (2046 Points)
Replied 25 December 2017

44Ad is as per IT act.

Job work revenue is to be recognise based on AS9. Not based amount received.

same amount of revenue we are following under 44AD turnover.

mudit gupta (CA) (330 Points)
Replied 25 December 2017

TDS is deducted on amount received but not deducted on not received amount . kya TDS ka refund next year ho jayega

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satish (teaching) (2046 Points)
Replied 25 December 2017

YES SIR.

No issue. if TDS is deducted in next year. it will adjust from next year tax liability.

Just think as per assessee point of view.

Rishi Mehta (Ur friend ) (1533 Points)
Replied 26 December 2017

Your client turnover will be Rs. 16 lakhs inclusive of TDS. Job work completed but payment not received will be taken into account for the purpose of return filling. your client should insist the person received job work to deduct TDS on remaining unpaid amount as per Section 194C on or before due date of filling return of OK income.