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Case law of the day!!!

CA AYUSH AGRAWAL (Kolkata-Pune-Mumbai) (26986 Points)

10 October 2013

TDS Credit is Allowed, Even There is :-

1. Not reflecting in Online 26AS

2. No TDS Certificate is Issued

3. Proper Documents should be shown.

Pls check here Case law of CitiCorp Finance Limited.

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7 Replies

Vandana J Doshi (Practising Company Secretary) (12562 Points)
Replied 10 October 2013

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Mihir (Wealth Manager) (5293 Points)
Replied 10 October 2013

Does this mean that if a company deducted TDS and fails to deposit TDS, the employee can furnish evidence such as salary slip to the ITO to allow tax credit?

CA AYUSH AGRAWAL (Kolkata-Pune-Mumbai) (26986 Points)
Replied 11 October 2013

yes, very much correct.

@VaibhavJ (Believe!! Live your dreams!) (33516 Points)
Replied 11 October 2013

Originally posted by : Mihir
	Does this mean that if a company deducted TDS and fails to deposit TDS, the employee can furnish evidence such as salary slip to the ITO to allow tax credit?

They need to submit form 16 in case of salary & for other case Form 16A.

Mihir (Wealth Manager) (5293 Points)
Replied 11 October 2013

This is better. Plenty of employees are complaining that their company is deducting TDS and they do not get the tax credit in time or never get the tax credit because the company fails to deposit TDS or fails to file TDS returns.

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@VaibhavJ (Believe!! Live your dreams!) (33516 Points)
Replied 11 October 2013

Main reason for employees not getting tax credit is either they have not provided PAN number or incorrect PAN no. updated by company due to error in transfer of information between employee > HR > Payroll.

Employee has to check Form 26AS quarterly to ensure proper receipt of TDS.

Thanks