Please advise me, Where to show Income Tax Rebate Under Section 87A in 4th Qtr TDS Return. There is no Rebate/IT Tax Credit column in Anx-II of 24Q RPU
04 May 2014
unfortunately, neither Annexure II or Form 16 provide for rebate under 87A. thats the risk we all are carrying as tax liability under Annexure II shall result in short deduction.
04 May 2014
Even though no separate column for 87A repate, I think it will not create any issues for the entries whose Total Taxable income below Rs.500,000.
04 May 2014
senthil, while it should not, but the risk is there for the reason that the 87A is available to the assessee in his tax return. there is no mechanism available to TDSCPC to ensure that the overall income was below Rs 5 lakhs.
04 May 2014
Yes Nikhilji. But in my view, related to the one particular Deductor, if the Total Taxable Salary is below Rs.500,000 he is eligible for 87A. So I think so. But it is still thinkable, that if any issues after filing, the communications to TRACES in this regard is a headache.
04 May 2014
another issue is that Form 16 as issued for FY 2014-15 doesn't provide for 87A rebate. given that 87A rebate is available only after determination of tax liability, Form 16 generated from tdscpc wont give you any credit for 87A.
The above is unfortunate as CBDT circular 8/2013 dated 10/10/2013 specifically allows deductor to provide for 87A rebate.
04 May 2014
Yes, we have to wait and answer for all. In TDS all are Tedious. Here we often chat that filing of TDS return is like catching the tail of a Tiger.
04 May 2014
Nikhilji, I think it is "TDS not Tedious" written by Mr. Sanjai Kumar Verma. But in practically telling "TDS is Tedious". Because putting of Client and Provisions in a correct place is very big achievement now. As professionals, we try to give a Good Practice in all possible ways. So keep on to do our best. Thanks.
I sent this same queries to TDS-CPC, TIN-nsdl & IT Departments and i got reply from TIN-info. The reply is as follows:-
"Dear Sir/Madam,
This has reference to your email regarding query with respect to section 87A of Income Tax Act.
As informed by Income Tax Department (ITD), rebate u/s 87A may be claimed by an Assessee in the Income Tax Return (ITR). There is no provision for reporting the same in the TDS/TCS statement. CPC-TDS will not generate any default for short deduction in case the same is considered for TDS computation but not reported in salary statement Form 24Q.
Regards, Yogesh TIN-Info Team Tel : .020 – 2721 8080"
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