19 February 2016
Sir, i have not filled ITR for f.y. 2012-13. but tds deducted for that year, not i am unable to file ITR for that year, Can i claim the tds deducted for that year while filling ITR for F.Y. 2014-15
20 February 2016
The only option as stated by Ganesh Babu is petition for condonation of delay under section 119 (2) to the jurisdictional CIT.
The details in TDS details column for form 16A is for deductions in current year which are being carried forward. You have not filed any ITR for 2012 - 13 - how can you claim TDS brought forward when there was no TDS as per Department records against your name as per your ITR. Suppose you file ITR for current year with TDS of F.Y. 2014 -15, you have the option of carrying forward a part of it after due intimation to the Department. Then in a future year you can offer that part of income to tax and adjust the brought forward TDS.
21 February 2016
But Sir,as per income tax rule if your income is not taxable, no need to file ITR. And Why one should claim the current years tds amount to carry forward, is there any provision to carry forward tds amount. As per my knowledge only losses can carry forward not TDS
21 February 2016
Income Tax Rules do provide that in case an assessee does not have income above the exemption limit before taking deductions under Chapter VI A, no ITR need be filed. The provision also clarifies, that in case the assessee is entitled for refund of TDS, a return has to be filed and the refund claimed.
The situation to carry forward TDS arises because of the method of accounting followed. I am a Tax Professional. Professionals usually maintain accounts on cash basis not mercantile basis. On cash basis all accounting is done on receipt and payment basis and not on accrual basis as is done in case of commercial corporate concerns. Say I issue an invoice for Rs.1,00,000/- to a client who maintains accounts on the mercantile basis in March 2015. The company enters the bill in its books on 31st March 2015, deducts TDS and deposits the same to the credit of Central Government. I have with me a TDS Certificate for the Assessment Year 2015 - 16 with a TDS of Rs.10,000/-. Since I follow cash basis of accounting this income is not recorded in 2014 - 15, but in 2015 - 16 when I receive the payment of Rs. 90,000/- in May 2015. Technically, I cannot claim credit for the TDS of Rs.10,000/- since it is recorded for A.Y. 2015 -16, but my ITR shows it in A.Y. 2016 - 17.
Officially the Department on scrutiny of TDS deducted on my account for A.Y. 2015 - 16 will issue me notice for escapement of income of Rs.100,000/- . To avoid this complication, I have to disclose the TDS in my ITR for A.Y. 2015 - 16 and show the same as carried forward. Then in my ITR for A.Y. 2016 - 17, I disclose the income of Rs.100.000/- and claim credit for the TDS deducted in A.Y. 2015 - 16.
I hope it will now be clear to you why and how TDS is carried forward.
There are plenty of provisions in every law, including Income Tax Act, 1961 which are not known to everyone, nor are they available on line by use of search engines Google or Bing or something else..
21 February 2016
Sir, Thanks for your guideline. your are saying that for A.Y. 2015-16 TDS deducted is Rs. 50000,. you claim for TDS benefit of Rs. 40000 and balance Rs. 10000/- claimed in next A.Y. 2016-17 in which you received the payment. But if due to some unfavorable reason you are unable to received the invoiced amount like bad debt. what about tds carried forward ? when to claim ?
21 February 2016
In the year you write off the claim. Firstly you will have to show the receipt of income and claim the tax credit, otherwise, you will not be entitled to TDS credit. then you write off the bad debt i.e a contra entry, but there is no other option available as the law stands today.
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