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TDS

vikaskamra (CA Final Student) (132 Points)

25 August 2009

can we claim tds certificates receivable of fy 2007-08 in fy 2008-09, if received in 2008-09 and not claimed in fy2007-08

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5 Replies

Ram Avtar Singh (Nagari Sultanpur U.P.Delhi) (14497 Points)
Replied 25 August 2009

you can claim by evised Return

An assessee who is required to file a return of income is entitled to revise the return of income originally filed by him to make such amendments, additions or changes as may be found necessary by him. Such a revised return may be filed by the assessee at any time before the assessment is made. There is no limit under the income tax Act in respect of the number of time for which the return of income may be revised by the assessee. However, if a person deliberately files a false return he will be liable to be imprisoned under section 277 and the offence will not be condoned by filing a revised return.

Where the return relates to assessment year 1988-89 or any earlier assessment year, the period of limitation is two years from the end of the relevant assessment year.

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vikaskamra (CA Final Student) (132 Points)
Replied 25 August 2009

can we claim tds certificates of AY 2008-09 in AY 2009-10

if not claimed in AY 2008-09

Ram Avtar Singh (Nagari Sultanpur U.P.Delhi) (14497 Points)
Replied 26 August 2009

you can claim in same year after revice return

Vinod Kashyap (XBRL Training) (451 Points)
Replied 26 August 2009

Credit of TDS can be claimed in the Assessment Year in which the Income on which such Tax has been deducted is subject to tax in the hands of the Assessee. Accordingly, if the TDS was deducted in Financial Year 2007-08 & the Income on which this TDS was deducted was subject to tax in the Assessment Year 2008-09 (Financial Year 2007-08), the credit for TDS can be claimed in Assessment Year 2008-09 (Financial Year 2007-08). It can't be claimed in Assessment Year 2009-10 (Financial Year 2008-09). If the Assessee has filed the Return of Income within the time allowed then he can file a Revised Return of Income for claiming TDS. If he has not filed the Return of Income within the time allowed he can't file a Revised Return of Income. However, he can file a Revision Application u/s 264 with the CIT for claiming the TDS.

Pulkit Agarwal (CA. Final) (455 Points)
Replied 31 August 2009

Originally posted by :Vinod
"	Credit of TDS can be claimed in the Assessment Year in which the Income on which such Tax has been deducted is subject to tax in the hands of the Assessee. Accordingly, if the TDS was deducted in Financial Year 2007-08 & the Income on which this TDS was deducted was subject to tax in the Assessment Year 2008-09 (Financial Year 2007-08), the credit for TDS can be claimed in Assessment Year 2008-09 (Financial Year 2007-08). It can't be claimed in Assessment Year 2009-10 (Financial Year 2008-09). If the Assessee has filed the Return of Income within the time allowed then he can file a Revised Return of Income for claiming TDS. If he has not filed the Return of Income within the time allowed he can't file a Revised Return of Income. However, he can file a Revision Application u/s 264 with the CIT for claiming the TDS.	"

I Would like to add a little to the words of Mr. Vinod.

If the assessee has not filed the return, then he may file the retun now. However the ITO has powers under Sec. 271(f) to impose a fine of Rs. 5000, bor sumitting a belayted return beyond the end of assessment year.

However, Practically, seldom does the ITO imposes such fines.