ITR
Freelancer receipts reconciled with TDS
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Facts
Clients who deduct TDS on professional fees report your PAN, amount paid and TDS. Form 26AS shows these by client. Comparing invoices with 26AS shows missing credits and also helps confirm gross receipts.
Provisions and law
- Sec 194J (now Sec 393)TDS on professional or technical fees
- Sec 44ADA (now Sec 58)Presumptive professional income on gross receipts
Analysis
Make a list of invoices by client and match it to 26AS. If client A paid ₹6,00,000 with ₹60,000 TDS and 26AS shows only ₹40,000, ask the client for the missing quarter. Receipts from clients who do not deduct TDS, such as foreign clients, will not appear in 26AS, but still count as gross receipts.
Conclusion
- Prepare an invoice register by client
- Match with 26AS by TAN
- Follow up missing TDS with clients
- Include receipts without TDS in gross receipts
A Savvy can do this for you
Pre-filing reconciliation of AIS, TIS, 26AS and Form 16
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