JSR (CA) (69 Points)
08 December 2012bank receipts 10crores and tds deducted only on 5crores
turnover booked in books 10crores
how you have to justify before ITO i.e. the entity turnover 10crores
nature of business contractor 194c apply there is no small works all the works to the companies only
no existence of loans
CA CS Chirag
(Practicing CA)
(834 Points)
Replied 08 December 2012
Dear JSR as per my opinion you have booked income more than amount shown in 26AS which would not be required to prove as it is received through bank and if the TDS is not deducted on the same than that is the fault on the part of payer and not by your client so no need to worry
CA Vanamala Phani Kumar
(Proprietor of M/s Vanamala and Co)
(972 Points)
Replied 08 December 2012
ITO may ask books of accounts
Durga Prasad
(Trainee)
(392 Points)
Replied 08 December 2012
Sir,
It is the companies responsibility to deduct TDS, and if you have shown turnover of 10 lakhs in your books and paid tax on that then no need to justify.
satish kumar voleti
(A.C.A., (ICWAI))
(1686 Points)
Replied 08 December 2012
Prem Chandra Gupta
(Financial Specialist)
(52 Points)
Replied 10 December 2012
Rs 5 crore turnover from Transport contract . Under section 194 c it is mentioned if transport service provider has PAN Card then no TDS liability occured. So, 5 Crore will be exempted from TDS.
Prem Chandra Gupta
Excel Mastery Program
CAclubindia
