Tds to be claimed in which year ?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 July 2016 SIR,

Que. (1) : If a small amount of Rs. 45 is deducted as TDS , by bank, and that individual's total income is under exemption limit, then, will these Rs. 45 be refundable or not.?

Is there any minimum limit, to get refund ?
How much is that minimum amount, on exceeding which , the refund is receivable ?

Que : (2)
A bank F.D. is opened in FY 2015-16 and
The Interest Certi. for FY 2015-16 says that, TDS is deducted by bank in FY 2015-16, on this FD.

But, this FD is to be matured in FY 2016-17. And the whole Interest amount is to be received on maturity only.

In this case, when to claim TDS deducted in FY 2015-16, by bank ?

In AY 2016-17,while filing return of FY 2015-16?
OR
In AY 2017-18, while filing return of FY 2016-17?

Because, FD is maturing in FY 2016-17 and interest is to be received on maturity only.

Please, share your opinion.
Thanks.

CA MANISH SAXENA

CA MANISH SAXENA (Expert)
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22 July 2016 Ans 1: Minimum Amount of Refund is Rs.100/-

Ans 2. Follow the Cash Basis i.e. treat your income once you receive the Interest. Hence show the Income in FY 16-17.

Still feel difficulty ..write me back!!
All the Best!

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

22 July 2016 Sir,
Thanks for your guidance.

Now,
The income of interest is to be shown in FY 2016-17, as per cash basis.. It is for sure.
Because, the FD is maturing in FY 2016-17. No doubt is there about it. It is clear.

But,
The confusion is,
When to claim the TDS deducted on this FD , in FY 2015-16 ?

In which Year ?

In AY 2016-17, while filing return of FY 2015-16 ?
OR
In AY 2017-18, while filing return of FY 2016-17 ?

Please, guide.
Solve the confusion.
Thanks.

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CA MANISH SAXENA

CA MANISH SAXENA (Expert)
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23 July 2016 follow the same approach... just request you to go through the 26AS form.

Take the interest figure and TDS from this and fill this ITR!!!

Other concern contact me on my mail m10manish@rediffmail.com