A.S.P. (Article) (36 Points)
08 August 2012I want to know that if any person is receving professional fees say suppose Rs.70000 to 80000 and the co. from which he receives professional fees deductes TDS u/s 194-J quarterly on such professional fees, then is it necessary for that person to file the I.T. return? And Will he get the amount of TDS return from I.T. Dept. as his total income is below exemption slab?
Looking for early reply.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 08 August 2012
If a person is earning professional income & his income is below exemption limit, then he should make an declaration to the payet not to deduct tax as his income is below exemption limit.
In your case if the payer has made TDS, then the person receiving the income has to mandatorily file his return to claim the refund of TDS made. He should obtain the form 16A from the deductor to claim the TDS refund.
ramakrishna
(AM - Finance)
(115 Points)
Replied 08 August 2012
Assessee shall apply in Form 13 for non-deduction/lower rate deduction to the Assessing officer, if the assessee income during the year is less than basic exemption limit, based on the application Assessing Officer shall issue a certificate for deduction of tax at such lower rate or no deduction of tax.
Incase TDS is deducted, received Form 16A from the deductor & file the return.
CA Sankalp Patwa
(CA)
(193 Points)
Replied 08 August 2012
it is possible for that person to claim tds even without filing return.
He can write a letter to assessing office stating the fact that his income is under the basic exemption limit.
and he want to claim his tds return.
If you are availing this option please send this letter via registered post.
ramakrishna
(AM - Finance)
(115 Points)
Replied 08 August 2012
Once TDS is deducted, have to file return to claim refund, if any.
Nasir khan
(Deputy Manager (Accounts) (M.com. LLB.))
(115 Points)
Replied 08 August 2012
If TDS has been deducted then return should be filled to claim refund..
And intimater to deductor not to deduct tds on declaration form as INCOME is below standard exemption.
Nainesh
(Senior Audit Assistant)
(41 Points)
Replied 08 August 2012
File IT Return Online to get quick refund although not liable to file return if income below basic exemption limit
Hemant Kumar
(Accounts Manager MBA (Fin) CMA*)
(6450 Points)
Replied 09 August 2012
| Originally posted by : NAINESH | ||
 |
File IT Return Online to get quick refund although not liable to file return if income below basic exemption limit |
 |
Varshit Shah
(Self Employed)
(676 Points)
Replied 09 August 2012
@ A.S.P. - See as your TDS is deducted...to claim such amount it is necessary to file Income Tax return. File your return online to fet the refund quickly.
Now for the coming year...if your income is less than exemption limit or the income where your income tax taxpayable is less than sucn TDS deducted , then you can either apply for No Deduction or Lower Deduction certificate respectively to AO. One thing i would like to mention is making application to AO for Lower deduction or No deduction is on year to year basis. Every year you have to apply.
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
CAclubindia
