12 February 2008
A company had received rental income of Rs.25000pm after deducting TDS during the previous year 2006-07. But the rent payer has not issued a TDS certificate to the company for the period till date. Whether the company is eligible to claim the TDS during AY 2008-09 (PY 2007-08)upon receipt of certificate?
12 February 2008
ALSO SEE SECTION 155(14) OF THE INCOME TAX ACT:
[(14) Where in the assessment for any previous year or in any intimation or deemed intimation under sub-section (1) of section 143 for any previous year, 28[credit for tax deducted or collected in accordance with the provisions of section 199 or, as the case may be, section 206C] has not been given on the ground that the certificate furnished under section 203 29[or section 206C] was not filed with the return and subsequently such certificate is produced before the Assessing Officer within two years from the end of the assessment year in which such income is assessable, the Assessing Officer shall amend the order of assessment or any intimation or deemed intimation under sub-section (1) of section 143, as the case may be, and the provisions of section 154 shall, so far as may be, apply thereto :
Provided that nothing contained in this sub-section shall apply unless the income from which the tax has been deducted 29[or income on which the tax has been collected] has been disclosed in the return of income filed by the assessee for the relevant assessment year.
12 February 2008
Normally TDS is to be claimed only in which the income is earned or accounted.
If the assessee has not received the TDS certificates from the deductee , the assessee cannot claim the TDS credit.
In order to claim the TDS credit, you should get it from the dedcutee. If the assessment for the financial year 2006-07 is not completed , till today you can ask the assessing officer to give credit for the same.
CAclubindia
