CA B Anand (CHARTERED ACCOUNTANT) (198 Points)
30 July 2010FRENZ,
ASSUME IF A BUSINESS PERSON, PAYS HIS ENTIRE TAX BY WAY OF TDS, AND STILL LEFT WITH REFUND. BUT HE MADE A WRONG DECLARATION, STATING LESS AMOUNT OF TDS. AFTER FEW YEARS, HE COMES TO KNOW THAT, HE HAS CLAIMED LESS REFUND THAN HE IS SUPPOSED TO DO SO. CAN HE CLAIM THE LOSS OF REFUND, AS A BUSINESS LOSS ?
ASSUMING HE IS A SALARIED EMPLOYEE, THEN WHETHER HE CAN CLAIM IT AS A LOSS FROM OTHER SOURCES....?
vineet
(article assistant)
(46 Points)
Replied 30 July 2010
there is no loss of refund.
as assessment letter u/s 143(1) will automatically confirm u abt less claim of the refund in ur return
Even today there is a facility provided by our deptt. where u can chk the details of the TDS, Adv Tax deducted or deposited on the assessee for the relevant asstt. year.
CAclubindia
