Mayank Jain (Student) (575 Points)
13 July 2013HELLO FRNDZ
M HAVING A QUERY REAGARDING ...THERE IS A INCOME BY RENT OF RS. 540000 GIVEN TO A BANK ....BANK DEDUCTED OF RS. 57000 ON RS. 570000 AS PER THERE TDS RETURN ...
BT ACTUALLY ASSESSE RECD. 486000 NET OFF TDS
IN THE I.TAX RETURN WAT I HV TO DO
PLZ SUGGEST
THANKING YOU
C.A. Jignesh N. Mehta
(C.A.)
(1030 Points)
Replied 13 July 2013
Firstly, get the TDS return filed by bank and get form 26AS corrected.
Secondly, if bank says that 570000 & 57000 is related to your client / you then your rental income will be 570000 & not 540000.
Income From House Property - 570000/540000
Less House / Property tax paid
Balance Income
Less 30% of above
Net Income From HP = 399000/378000
Tax on above
TDS 57000/54000
Refund Receivable =
Mayank Jain
(Student)
(575 Points)
Replied 13 July 2013
thank u so mch sir
bt bank return says rs. 57000 tds deducted on rs. 570000
bt actually fact is rent recd. & in agreement it is rs. 540000 p.a.
C.A. Jignesh N. Mehta
(C.A.)
(1030 Points)
Replied 13 July 2013
then you go ahead with income as 540000
tds as 54000
file your return with above details.
Bala Pullaiah B
(Salaried)
(179 Points)
Replied 15 July 2013
Dear Sir
Any arrears paid by the bank. Better ask them to give the TDS certificate in which they have mentioned the amount paid on month wise. Please gothrough that.
From AY 13-14 onwards, TDS certificates need to be issued from traces site.
Please verify.
B Bala Pullaiah
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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