TDS of earlier year
This query is : Open
28 August 2009
We have done some supervison work in india for our parent company in japan. Japan compnany has not deducted TDS and paid full payment to us.
Now in japan tax authority asked japan company to deduct TDS.
Now our Japan company is dedcuting TDS on all payment made to us since 2005 till date.
We ( indian co. ) also not made any entries of TDS and not considered any amount of tds while filing return of earlier years.
Now i want to know :
1. Can we ( indian company) claim the tds in current year return.
2. Under which section it is permisible.
3. How i can claim the tds.
Now in japan tax authority asked japan company to deduct TDS.
Now our Japan company is dedcuting TDS on all payment made to us since 2005 till date.
We ( indian co. ) also not made any entries of TDS and not considered any amount of tds while filing return of earlier years.
Now i want to know :
1. Can we ( indian company) claim the tds in current year return.
2. Under which section it is permisible.
3. How i can claim the tds.
28 August 2009
you must have showed the amount received from japan company as your sales transaction or as advance received from Japanese company.
Now you need to book the TDS in your books of accounts for the previous year. Claim the same under DTAA section i.e sec. 91.
You will eligible to take the tax credit of the same. Read the agreement entered by the govt of india with govt of japan & give the treatment.
Now you need to book the TDS in your books of accounts for the previous year. Claim the same under DTAA section i.e sec. 91.
You will eligible to take the tax credit of the same. Read the agreement entered by the govt of india with govt of japan & give the treatment.
28 August 2009
Mr. Chetan Soni,
Thanks for your early reply.
Can we claim tds certificate of earlier year ( say 2 or 3 year before ) in current year return.
Thanks for your early reply.
Can we claim tds certificate of earlier year ( say 2 or 3 year before ) in current year return.
28 August 2009
this will be time barred claim of TDS. You can claim only last two years TDS by filling revised return.
Eg : TDS of f.y. 06-07 can be claim till mar 09 & TDS of 07-08 can be claim till mar 2010 so on.
Eg : TDS of f.y. 06-07 can be claim till mar 09 & TDS of 07-08 can be claim till mar 2010 so on.
28 August 2009
Dear sir,
the above time limit of 2 years is as per section 139 (5) but
1. as per sec 155(14) time limit to take credeit of tds is 4 years from the year in which order was passed.
it means :
1.we can claim the tds credit within 4 years from the fy in which the order was passed.
2. in other means we can claim the tds credit for any year for which i have not recd the order.
please give your opinion.
Thanking you
the above time limit of 2 years is as per section 139 (5) but
1. as per sec 155(14) time limit to take credeit of tds is 4 years from the year in which order was passed.
it means :
1.we can claim the tds credit within 4 years from the fy in which the order was passed.
2. in other means we can claim the tds credit for any year for which i have not recd the order.
please give your opinion.
Thanking you
28 August 2009
please read my above ms it is open.
28 August 2009
Sec 155 (14) says amending the order of assessment so as to give the tax credit in respect of tds. The time for the same is 2 years from the end of assessment year, TDS certificate to be submitted & re-computation will be completed by the AO as per the time limit mentioned in sec 154.
Time under 154 is to complete the recomputation & i.e. 6 months from the date of application to take give the credit of tds & not to claim the TDS. The time limit is for AO to complete the same.
Your time limit is 2 years from the end of the assessment year.
Eg : Sat TDS is for A.y. 2006-07 then the time limit as per sec 115(14) will be before Mar 09.
Time under 154 is to complete the recomputation & i.e. 6 months from the date of application to take give the credit of tds & not to claim the TDS. The time limit is for AO to complete the same.
Your time limit is 2 years from the end of the assessment year.
Eg : Sat TDS is for A.y. 2006-07 then the time limit as per sec 115(14) will be before Mar 09.
29 August 2009
i was refereing Taxmann's " direct taxes law & practice" professional edition by Dr. v. k. sighania and Dr. Kapil sighania and on page no. 895 section 155 (14) para 371 it is mentoned 4 years time limit and in ready reckoner it is 2 years.
02 September 2009
section 155(14) states as under
[(14) Where in the assessment for any previous year or in any intimation or deemed intimation under sub-section (1) of section 143 for any previous year, 69[credit for tax deducted or collected in accordance with the provisions of section 199 or, as the case may be, section 206C] has not been given on the ground that the certificate furnished under section 203 70[or section 206C] was not filed with the return and subsequently such certificate is produced before the Assessing Officer within two years from the end of the assessment year in which such income is assessable, the Assessing Officer shall amend the order of assessment or any intimation or deemed intimation under sub-section (1) of section 143, as the case may be, and the provisions of section 154 shall, so far as may be, apply thereto :
Provided that nothing contained in this sub-section shall apply unless the income from which the tax has been deducted 70[or income on which the tax has been collected] has been disclosed in the return of income filed by the assessee for the relevant assessment year.
[(14) Where in the assessment for any previous year or in any intimation or deemed intimation under sub-section (1) of section 143 for any previous year, 69[credit for tax deducted or collected in accordance with the provisions of section 199 or, as the case may be, section 206C] has not been given on the ground that the certificate furnished under section 203 70[or section 206C] was not filed with the return and subsequently such certificate is produced before the Assessing Officer within two years from the end of the assessment year in which such income is assessable, the Assessing Officer shall amend the order of assessment or any intimation or deemed intimation under sub-section (1) of section 143, as the case may be, and the provisions of section 154 shall, so far as may be, apply thereto :
Provided that nothing contained in this sub-section shall apply unless the income from which the tax has been deducted 70[or income on which the tax has been collected] has been disclosed in the return of income filed by the assessee for the relevant assessment year.
03 September 2009
if and indian company making drawings in india and exporting it to its parant company in japan. Japnese company is making payment to indian company in india through remittance.
1. as per DTAA is it subject to withholding tax in japan.
2. if yest under which clause it is deductable.
1. as per DTAA is it subject to withholding tax in japan.
2. if yest under which clause it is deductable.
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