15 May 2013
I've a confusion about at which point the TDS credit becomes available for claim in the ITR for taxpayer.
Situation:
Date of credit of income liable to TDS in the books of deductor : 31-Mar-12
Date of Filing of ITR by Taxpayer: 15-Apr-12
Date of deposit of TDS by the deductor: 30-Apr-2012
In th above situation the taxpayer will not have a Form 16A with him because the TDS has not been deposited by the deductor. So, when filing the return of income at the said date, how will the taxpayer claim the credit of TDS for the concerning assessment year?
I am also confused about the time when the data of TDS credit or deduction gets updated in the TRACES so as to be reflected in Form 26AS?
16 May 2013
As soon as the deductor credits the income to the account of the taxpayer the taxpayer can claim tds deducted at the point of crediting the said income. And as such it is not necessary that the TDS must have been deposited with the Govt. before filing ITR. The credit of the said TDS will be acknowledged by the income tax department only when such credit is shown against a particular PAN number in the TDS return filed by the Deductor. TDS credit is reflected in 26AS within approximately 15-20 days of filing the TDS return. You can particularly file your ITR and claim TDS despite of the fact that on the date of filing ITR such TDS was not deposited by the Deductor but the income tax department will give credit for such TDS claimed only when the TDS is not only deposited but also reflected in the TDS return filed by the deductor.
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