Prayer for clear information regarding tds related issue

This query is : Resolved

S.K.Haque

S.K.Haque (Querist)
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21 November 2012 Respected Sir/Madam,

For last few days I have been asking repeatedly for a clear guidance, but sorry to say that I have not got any Clear guidance. Please, provide me the DETAIL CLEAR advice. I am in great tension, because my C.A has informed me that I have to face a great trouble..........

Now the entire fact is:

I am a agent of LICI & Prayag Group. But presently my "LIC agency" & "the bank account against my agency" operated by my Brother(mentioned that all transactions occurs in my name) & he has applied for the TDS (deducted from LIC only) return for the A.Y 2011-2012(applied on Feb-2012) and 2012-2013.(applied on Sept-2012)& he has already received the return amount (in my name) of AY 2011-2012 on Aug-2012.

But I was totally unknown about this matters, and unknowingly I have applied for the TDS returns (both LICI & Prayag) for A.Y. 2011-2012 (applied on June-2012) & 2012-2013 (applied on Sept-2012) through a C.A.

Now what would be happen ? The C.A. has informed me that I must have to face a huge problem. Is there any possibilities for any case or punishment against me ? Have I to pay any penalty ????

What can I do now to obtain the rest TDS amount of AY.2011-2012 (which was deducted from Prayag) & AY 2012-2013 (amount deducted from LICI & Prayag).

Please provide me the details and clear advice & guide me in this regard. Which act of your kindness I will remain ever grateful to you. Please... Please....

@VaibhavJ

@VaibhavJ (Expert)
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21 November 2012 Hi

Good Morning.

It appears that LIC has also deducted TDS & other co. also.

You check your 26 AS where you will come to know total TDS deducted against your PAN.

You have to show atleast income for which TDS deducted by the agencies.

As yo are saying taht your brother has filed IT return & has also received refund against the same it means prima facie your assessment is completed.

However you have also filed your IT return. So there is duplication of return filed.

By which mode you have file return. Please let me know.

Thanks//Vaibhav

S.K.Haque

S.K.Haque (Querist)
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21 November 2012 Mr.Vaibhav sir,
I had filed my IT return (by C.A) through manually not in online. Please let me know about the punishment, penalty (if any) and let me know that how I will able to release my resting TDS of AY 2011-2012 & 2012-2013.

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@VaibhavJ

@VaibhavJ (Expert)
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21 November 2012 Hi

Pl refer detailed llist of penalty:
https://www.caclubindia.com/articles/penalties-under-the-income-tax-act-10096.asp#.UKx9U-RJ4R8

You could be penalised & Int has to be paid on refund received.

Pl consult your CA for relief on early intimating & plea which can be made to avoid penalty.

Considr taking advice from 3 CA in your region since practice of recovering penalty is diffrent at diff places.

Thanks//Vaibhav
Revert for more clarity.

S.K.Haque

S.K.Haque (Querist)
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21 November 2012 Thanx a lot.

@VaibhavJ

@VaibhavJ (Expert)
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21 November 2012 Its Our pleasure sir.

Thanks//Vaibhav

S.K.Haque

S.K.Haque (Querist)
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21 November 2012 But sirjee, scene is not clear for me. What I have to do now. Please go thoroughly through my problrm I have mentioned above. And mujhe ye khulke bataye ki, ab kya hoga mera ? Kuch penalty ho sakta hai & if yes then what would be the penalty ? In last two A.Y. mera jo TDS deduct huwa (from both sources) wo muje milega ki nehi ? Please kripya mera problem ko thikse study korke muje raah dikhaye.

@VaibhavJ

@VaibhavJ (Expert)
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21 November 2012 Hi

In short, first Add all of your income then compute Tax payable on the same.

Compare tax payable with TDS deducted in your case.

If TDS deducted is higher then you dont have to worry. There will not be any proceedings.

If TDS dedcuted is lesser then the Tax payable by you then you have to pay Tax along with Interest & Penalty as stated before.

What i understand in your case is that refund of TDS deducted by LIC is recived by you thru IT return filed by you.

And you have also filed IT return clubing both the Income & then also you are eligible for TDS refund.

So in your case you dont have to pay any tax to govt. is this correct?

If it is correct then secondly partly TDS refund you have already received from govt. & partly is pending but in return filed by you, you have claimed the same.

As long as yo have not received refund against IT return filed by you there is not a problem since fund is lying with govt only & you have to claim part amount of TDS as refund.

For this your CA has to contact IT dept for knowing status of your return filed, if same is not processed then you have to Intimate the same thing to CA & revise return immediately mentioning correct details.

Only problem here in this case is as below:
1) When u have file ur 1st return by your brother you have showed only part income which may be considered as concealment of other part of income, however you can argue on the same saying that you have filed revised return on coming to know the fact & disclosed your all income.

2) IT dept may say that you have claimed extra refund in the same only if you have recieved your refund & you filed second return. If it is not so then you can counter argue that you had filed 2nd return before receipt of your Refund.

Thanks

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