Itr 4
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 March 2012
If a person doesnot intend to take credit of tds shown in form 26as in his return of income filed electronically ,is there any option asked in itr 4 regarding the same like tds to be taken or not ?
08 March 2012
I feel if all the income are disclosed by the assessee (covering the income reflected in 26As).. i dont feel the department shall have issue that you have not claimed TDS or not.. its in there interest though.. i would still advise to claim the TDS,,
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 March 2012
@ CA Hari Kishan Thanks for your comments
But i do not want to show the income from F.D.in this year though bank has deducted tds based on accrual and same will appear in 26as . so if i dont take credit of tds deducted and not show such income in current year how can i show such in my current year roi (ITR 4) filed electronically ???
But i do not want to show the income from F.D.in this year though bank has deducted tds based on accrual and same will appear in 26as . so if i dont take credit of tds deducted and not show such income in current year how can i show such in my current year roi (ITR 4) filed electronically ???
09 March 2012
Do not enter the income and do not enter the TDS amount.
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09 March 2012
I think, you may find out the solution from following-
Please Refer -Schedule 2 Details of TDS , 2nd Last Schedule in ITR 4.
.
You may fill up TDS amount in column and put
0 in Column 7 which is for amount Claimed for this Year.
.
You may claim the same in the subsequent year.
Please Refer -Schedule 2 Details of TDS , 2nd Last Schedule in ITR 4.
.
You may fill up TDS amount in column and put
0 in Column 7 which is for amount Claimed for this Year.
.
You may claim the same in the subsequent year.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2012
thanks for your expert comments Paras sir!
But how would one show such tds credit which was not availed this year in the next year return of income as there is option asked for *(Carry Forward of Tds From p.y.)* in ITR 4 ?
PLEASE ADVICE....
But how would one show such tds credit which was not availed this year in the next year return of income as there is option asked for *(Carry Forward of Tds From p.y.)* in ITR 4 ?
PLEASE ADVICE....
02 August 2024
If you do not intend to take credit for the TDS shown in Form 26AS and also wish not to show the corresponding income in the current year, here's how you can handle it in ITR-4:
### Steps to Handle TDS Credit and Income in ITR-4:
#### 1. **Not Showing Income for the Current Year:**
- **Exclude Income from the Return:**
- Simply do not include the income from FD (Fixed Deposits) in your ITR-4 for the current financial year. You are not obligated to report income that you do not intend to include.
#### 2. **Handling TDS Credit in ITR-4:**
- **TDS Credit:**
- If you do not wish to claim the TDS credit for the current year, you do not need to report it. However, keep in mind that this TDS will be reflected in Form 26AS.
- **Option for TDS Credit in ITR-4:**
- There isn't a specific option to opt-out of TDS credit directly in ITR-4. TDS credits are automatically considered based on the income reported.
#### 3. **Carry Forward of TDS Credit to Next Year:**
- **Reporting in the Next Year:**
- In the next financial year, if you decide to claim the TDS credit, you can do so by reporting the TDS amount that was not utilized in the previous year.
- **Option for Carry Forward:**
- When filing ITR-4 for the next year, you will see an option to carry forward TDS from the previous year. Enter the details of TDS not claimed earlier under the appropriate section.
#### 4. **Practical Steps:**
- **Current Year Return (ITR-4):**
- Do not include the FD income.
- Do not claim the TDS credit, which means you will not have to report TDS details in the current year.
- **Next Year Return:**
- When you file ITR-4 for the next year, enter the TDS details in the “TDS” section, specifying that it is for the previous year. This allows you to claim the credit against the income for that year.
#### 5. **Documentation:**
- **Maintain Records:**
- Keep detailed records of TDS certificates and correspondence for future reference. This will be useful in case of scrutiny or if you need to adjust your claims in future returns.
#### 6. **Consultation:**
- **Professional Advice:**
- Given the complexity of TDS and income reporting, it is often beneficial to consult with a tax professional to ensure compliance with tax laws and to accurately handle the carry forward of TDS credits.
### Summary:
- **For the Current Year:** Exclude the FD income and do not claim TDS credit.
- **For the Next Year:** Report the TDS credit under the carry forward section and include any applicable income.
This approach ensures that you maintain proper records and adhere to tax regulations while managing your income and TDS efficiently.
### Steps to Handle TDS Credit and Income in ITR-4:
#### 1. **Not Showing Income for the Current Year:**
- **Exclude Income from the Return:**
- Simply do not include the income from FD (Fixed Deposits) in your ITR-4 for the current financial year. You are not obligated to report income that you do not intend to include.
#### 2. **Handling TDS Credit in ITR-4:**
- **TDS Credit:**
- If you do not wish to claim the TDS credit for the current year, you do not need to report it. However, keep in mind that this TDS will be reflected in Form 26AS.
- **Option for TDS Credit in ITR-4:**
- There isn't a specific option to opt-out of TDS credit directly in ITR-4. TDS credits are automatically considered based on the income reported.
#### 3. **Carry Forward of TDS Credit to Next Year:**
- **Reporting in the Next Year:**
- In the next financial year, if you decide to claim the TDS credit, you can do so by reporting the TDS amount that was not utilized in the previous year.
- **Option for Carry Forward:**
- When filing ITR-4 for the next year, you will see an option to carry forward TDS from the previous year. Enter the details of TDS not claimed earlier under the appropriate section.
#### 4. **Practical Steps:**
- **Current Year Return (ITR-4):**
- Do not include the FD income.
- Do not claim the TDS credit, which means you will not have to report TDS details in the current year.
- **Next Year Return:**
- When you file ITR-4 for the next year, enter the TDS details in the “TDS” section, specifying that it is for the previous year. This allows you to claim the credit against the income for that year.
#### 5. **Documentation:**
- **Maintain Records:**
- Keep detailed records of TDS certificates and correspondence for future reference. This will be useful in case of scrutiny or if you need to adjust your claims in future returns.
#### 6. **Consultation:**
- **Professional Advice:**
- Given the complexity of TDS and income reporting, it is often beneficial to consult with a tax professional to ensure compliance with tax laws and to accurately handle the carry forward of TDS credits.
### Summary:
- **For the Current Year:** Exclude the FD income and do not claim TDS credit.
- **For the Next Year:** Report the TDS credit under the carry forward section and include any applicable income.
This approach ensures that you maintain proper records and adhere to tax regulations while managing your income and TDS efficiently.
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