AUDITOR VINOTHKUMAR (a) (870 Points)
20 July 2011My assessee DTH (REPAIR AND MAINTAINANCE ) service HE form 16a reced. income shown amt. 600000/- tds deduct amt. 20000/- he fully amt. recd. with check from company but actually he recd. amt.income 600000 * 30% = 180000/- only remain balance he paid to DTH distributors 60% amt
MY QUESTION :
IF FILE INCOME FULLY SHOWN OR 30% ONLY
PLEASE URGENT
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 20 July 2011
| Originally posted by : vinoth TAX PRACTIONER | ||
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My assessee DTH (REPAIR AND MAINTAINANCE ) service HE form 16a reced. income shown amt. 600000/- tds deduct amt. 20000/- he fully amt. recd. with check from company but actually he recd. amt.income 600000 * 30% = 180000/- only remain balance he paid to DTH distributors 60% amt MY QUESTION : IF FILE INCOME FULLY SHOWN OR 30% ONLY PLEASE URGENT |
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1) his bills are 6 Lacs ......TDS decucted may be 2% sec 194C..........please furnish the sec under which TDS is deducted.
2) his turnover is 6 lacs ........irrespective of his expenditure paid to others, ( he may have to deduct TDS to 70% outgo of his receipts subject to eligiblity)
3) turnover is gross receipts, while the net profit will arrive after adjusting all expenses.
AUDITOR VINOTHKUMAR
(a)
(870 Points)
Replied 23 July 2011
DEAR SIR,
MY CLIENT ACTUAL RECD. 294893.00 (30%)
PAID TO SUB DEALER : 688084.00 (70%)
TOTAL INCOME : 982977.00 (100%) (as per form 16a)
Tds Amt. 2% : 19659
( "Turnover is gross receipts, while the net profit will arrive after adjusting all expenses".)
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 23 July 2011
| Originally posted by : vinoth TAX PRACTIONER | ||
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DEAR SIR, MY CLIENT ACTUAL RECD. 294893.00 (30%) PAID TO SUB DEALER : 688084.00 (70%) TOTAL INCOME : 982977.00 (100%) (as per form 16a) Tds Amt. 2% : 19659 ( "Turnover is gross receipts, while the net profit will arrive after adjusting all expenses".) HE CASH PAID TO SUB DEALER AGAINST WITHOUT VOUCHER HOW TO REFUND CALCULATION FULL AMT. 19659/- |
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paying 6 lacs to sub dealer in CASH without voucher even ..................... how to establish the expenses? what is the purpose and why the payment is made tby other than bank? get statement of their so called sub dealers to make confirmation atleast that they ahve received the amount for certain purpose, it will replace the gap of non presence of payment voucher, in absence of such documetns such expenses are not admitted.
whole the amount so arrived as per form 16A is liable to tax in absence of proper records
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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