Revision of tds on property need not wait for quarter end. It can be done anytime.
CA Raj Doshi
(Practising CA)
(8903 Points)
Replied 20 March 2022
Revision of tds on property need not wait for quarter end. It can be done anytime.
sabyasachi mukherjee
(27163 Points)
Replied 20 March 2022
KALPESH JOSHI
(215 Points)
Replied 20 March 2022
| Originally posted by : CA Raj Doshi | ||
 |
Revision of tds on property need not wait for quarter end. It can be done anytime. |  |
Not getting how revision is related to issuing form 16b. ?
Buyer has paid tds and for revision he needs sellers approval right ?
KALPESH JOSHI
(215 Points)
Replied 20 March 2022
but interest is for not filling 26qb and not deducting tds right ?
| Originally posted by : Eswar Reddy S | ||
|
It's buyer responsibility to issue form 16B..He may need to pay interest for not issuing form 16B | |
JJJ
(Need help)
(673 Points)
Replied 20 March 2022
Oh good God, no! Firstly, it's not mandatory to collect a TDS certificate. More importantly, what are you going to do with it?
If it's already in your 26AS, even if the buyer makes a revision or "takes away" the whole TDS later, it doesn't just disappear from your 26AS. It very clearly will show a reversal / adjustment in addition to the original credit entry.
And just because you got a Form 16 today with the tax deposited amount matching your 26AS, if the buyer makes a change later, then the Form 16 is useless.
The buyer is required to give you a Form 16 if you ask for it, but it's a pointless waste of time and effort now. In the past with manual everything, sure, but not needed since a long time.
KALPESH JOSHI
(215 Points)
Replied 20 March 2022
| Originally posted by : JJJ | ||
|
Oh good God, no! Firstly, it's not mandatory to collect a TDS certificate. More importantly, what are you going to do with it? If it's already in your 26AS, even if the buyer makes a revision or "takes away" the whole TDS later, it doesn't just disappear from your 26AS. It very clearly will show a reversal / adjustment in addition to the original credit entry. And just because you got a Form 16 today with the tax deposited amount matching your 26AS, if the buyer makes a change later, then the Form 16 is useless. The buyer is required to give you a Form 16 if you ask for it, but it's a pointless waste of time and effort now. In the past with manual everything, sure, but not needed since a long time. |
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But revision can be made only after AO approval and approval of seller as Digital signature is required.
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 20 March 2022
KALPESH JOSHI
(215 Points)
Replied 20 March 2022
| Originally posted by : Eswar Reddy S | ||
|
Digital signature is not required.It is possible without digital signature..Tds certificate is the main thing and based on which Tds can be adjusted or can get refund through 26AS | |
So basically you are saying without form 16B , i can not claim back my TDS amount?
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 20 March 2022
JJJ
(Need help)
(673 Points)
Replied 20 March 2022
Whatever the requirement for changing is, the end result is that any change will be reflected in the 26AS. Meaning it will be transparent.
So what good will the Form 16 do?
The 26AS is the eventual winner anyway, because it's a summary of all the Forms 16, plus additional information.
A Form 16 is nice to have, sure. But ultimately it's well past its utility date (like so many things in our country!).
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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