Hello everyone,
I am Neelendra, I became a citizen of Australia on 26th April 2018. Before that I was an NRI from 2008. I don't have any sort of income in India since 2008.
A portion of my undeveloped agriculture land was acquired by NHAI in 2017. I received compensation in my bank account (Jt. Ac. with my parents in which Father is main holder) on 30/03/2017. And than the money was transferred to another account on my parents name on 04/04/2017. Somehow I was in impression that the date of getting competition was 04/04/2017 instead of 30/03/2017. I realised that I have done a mistake in April 2018 only. By the time it was too late to claim the TDS of 2.5 lakh INR.
Now, when I am trying to fill my return the system shows me a tax of around 1.5 lakh from previous year, which I am suppose to pay IT dept. However, the system gives me an option of "Previous year's unclaimed TDS". Even after filling this couloumn it shows me a tax liability of 1.5 lakh on me. My friends reckons I shouldn't be filing return at all and should wait for ITO to send me a notice under 148(not very sure about this section). I have been a law abiding citizen and don't want to be any kind of trouble.
My friends reckons if I claim the TDS in this year ITO won't consider it (as they normally don't care to have a look in history) and might issue me a notice for filing ITRs for previous years. So, according to him answering the 148 notice and claiming the TDS in future would be easier as I will get a chance to explain the situation to ITO in persone.
I am affried that if it doesn't work this way I might end up giving intrest on my tax liability to ITO and loosing the TDS as well.
Any guidance would be highly appreciated as I am not very good with tax system in india.
Thanks
CAclubindia
