Tds
This query is : Resolved
25 February 2013
Dear respected members,I am a lawyer working with a law firm and getting professional fee, whereon I TDS is deducted every month. In the month of June 2012, I have taken loan/advance of Rs. 55,000/-form my office with an understanding that I will repay Rs.5000/- every month. The accountant had deducted 5,500/- as TDS on the above amount.
Now my query is that the said TDS has been deducted wrongly because I have to repay the whole of the above amount in 11 equal installments. Therefore, the said sum of Rs.55,000/- can not be said to be my income. I want to know that the said TDS is applicable on the advance/loan, which is to be repaid to the office.
If it is illegally deducted then how can i get my Rs.5,500/-?
Now my query is that the said TDS has been deducted wrongly because I have to repay the whole of the above amount in 11 equal installments. Therefore, the said sum of Rs.55,000/- can not be said to be my income. I want to know that the said TDS is applicable on the advance/loan, which is to be repaid to the office.
If it is illegally deducted then how can i get my Rs.5,500/-?
25 February 2013
No tds is not applicable on the Advance/Loan
but it is applicable if the advance Salary is taken from the employer.
In your case no TDS is applicable but since he has mistakenly deducted the same
you need to claim refund by filing the Income Tax Return.
the Amount of will be refunded to you considering your Tax Liability.
but it is applicable if the advance Salary is taken from the employer.
In your case no TDS is applicable but since he has mistakenly deducted the same
you need to claim refund by filing the Income Tax Return.
the Amount of will be refunded to you considering your Tax Liability.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Import license renewal
- How to determine cost of acquisition of shares on De-merger or Merger
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
