TDS SCHEDULE IN ITR3 FILL?

[Kush Lodha]

Hello Sir,

I am a contractor working with Govt Departments, now the Govt department has deducted TDS on Invoice Value. While filing ITR-3 i am taking my Turnover as 1 Cr. (excluding GST) in P/L A/c. But TDS has deducted on 1.18 Cr (including GST) by almost all the recipients. The problem is how to fill Schedule TDS2 as the corresponding receipt offered to tax against all the parties should be Basic Value i.e. 1 Cr. or Invoice Value as 1.18 Cr. If i show 1Cr. it will be under mentioning of receipt and if i show Invoice value then the total of such receipts exceeds my Turnover.

Please help.

Thanks & Regards,

K L

[PAWAN KUMAR]

Dear sir,

as per my view you need to show the revenue booked in your PL. the same treatment was under service tax regime.

[Kush Lodha]

thanks a lot sir.. It means that in Schedule TDS in ITR i do have to mention 1 cr. as receipts and claim tds fully (i.e. on ₹ 1.18 Cr.)

AI Summary

TDS reporting: report receipts as revenue booked while claiming credit for TDS deducted on invoice value. Report receipts in Schedule TDS equal to the revenue booked in the profit and loss account (GST-exclusive turnover) while claiming credit for the tax deducted at source on the full invoice amount (GST-inclusive), reconciling any differences between accounting receipts and TDS records.