Tds credit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2013 TDS has been deducted for FY 2010-11. But we did not take such credit in FY 2010-11 and took such credit in FY 2011-12.
Department issued intimation U/s 143(1) and a liability of such credit was shown by the department.
What can be done to take such credit?

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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02 September 2013 it is very harmful if you don't know how to take credit by rules or act. yes dept. is right. tax credit for F.Y. 2010-11 could not take in F.Y.2011-12. you have to pay that raised demands.

for F.Y. 2010-11 less claimed tax credit you have to contact your A.O for resolve.

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2013 In case i have TDS credit of FY 2011-12, can i adjust such....?

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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02 September 2013 you can adjust TDS credit of F.Y. 2011-12 with F.Y. 2011-2012 tax liability and excess amount will be payable and you have to pay as per demand raised.