Your payable amount is 2.06 lacs and the cost of diesel is deducted as you due amount . The amount deducted and paid in your credit is reflected in AS26
Form 26AS shows amount paid is higher than I received
Dear Sir, I am working as a contractor in coal mine. I am doing coal transportation on ton basis with hired vehicles. Company provide diesel for that work & after that when I raise my bill company deduct the amount of diesel. But my TDS deducted on first figure of bill i.e. without deducting the amount of diesel. For example:- Quantity:- 7000ton Rate:-Rs.29.50/ton My bill is for Rs.206500/- TDS deducted:-2065 @ 1% But I want to say in that amount of Rs.206500 amount of diesel is 100000 approx. I get payment of Rs.106500 So if I can file itr 4s for presumptive income 6% then what will be my total income 106500 or 206500 because in form 26AS it shows paid amount 206500 Hence I want to say where can I show the amount of 100000 in my itr which i can't get but it shows in my pan account. Please tell me how to file itr for above case & get my refund.
Asked 8 years ago in Taxation
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7 Answers
No Sir I don't ask this what you answered. I want to know on which I have to pay income tax. On paid amount reflect in form 26AS or on that amount which I get in my bank account. Which is my presumptive income the total amount or which I received after diesel deduction.
Asked 8 years ago
As per the provsions of Income Tax Act, TDS has to be deducted on the net amount which is gross amount less any reimbursements. Therefore in your case TDS has to deducted only on 106500. Not on 206500.
And for the purpose of filing the income tax return, your turnover shall be 106500 and income shall 8% of 106500.
You are not required the amount of 100000 separately.
You have to pay income tax on amount which you get in bank account
Your presumptive income is the income received after diesel deduction.
GOPAL VERMA
ADVOCATE ON RECORD
SUPREME COURT OF INDIA
Please see the clauses of your contract. I think the value maintained is Rs 2.06 lacs. If the clauses confirm supply of diesel from the employer then the actual amount should be shown in AS26 INCLUDING THE TAX.
you may talk to them to file a revision.
We on this blog try to give most appropriate answer based on details provided.
The gross amount receivable to you was considered for TDS and that is right.
The cost of diesel recovered is taken at cost and recovered from the amount payable and that has nothing to do with your gross receivable amount.
Your tax deduction is ok for your ITR please consider the gross amount or please see a CAto help you in filing the ITR.
1. TDS is deducted on the net amount alone. TDS has to deducted only on 106500. Not on 206500.
And for the purpose of filing the income tax return, your turnover shall be 106500 and income shall 8% of 106500.
2. TDS in your case is to be deducted on 106500.
3. The presumptive income is your income after deduction of diesel.
Hence I want to say where can I show the amount of 100000 in my itr which i can't get but it shows in my pan account.
Please tell me how to file itr for above case & get my refund.
Since this amount towards the diesel had been deducted by the company, you should reflect this as expense in the itr thus your income shall be shown less the diesel expenses amount for which you can calculate the taxable income.
You can approach your auditor for refund.
I want to know on which I have to pay income tax.
On paid amount reflect in form 26AS or on that amount which I get in my bank account.
Which is my presumptive income the total amount or which I received after diesel deduction.
Your actual income shall be after the deduction of the expenses i.e., for diesel and any other statutory expenses.
The taxable income shall be calculated only after the expenses are deducted from the gross income