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Tds carry forward query

Neha Shenoy (Student CA Final ) (65 Points)

14 September 2015

TDS as per books is Rs.10000 As per Form No. 26AS, it is only Rs. 8000. The difference is because the deductor failed to file TDS returns for Rs.2000. While filing IT Returns, if only Rs. 8000 is claimed as TDS credit, can Rs.2000 be carried forward and claimed as deduction from subsequent year's tax liability when deductor files TDS returns ? Please help .....

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6 Replies

Rashi Bajaj (CA) (752 Points)
Replied 14 September 2015

TDS has to be claimed in the year you show the corresponding income.

Tell the deductor to revise his returns for the respective amount since the payment has been made to the treasury and claim it in the return.

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S. Shiroor (Others) (1207 Points)
Replied 14 September 2015

You have to rectify the return as and when tax credit appears in 26AS. In that you can either claim it or C/f the same.

In rectification select the first option tax credit mismatch.

There are 10 blank rows EACH for TDS , TCS and TI.

Fill it - Finish it. But 26AS should be updated.

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Neha Shenoy (Student CA Final ) (65 Points)
Replied 14 September 2015

So would it be right to file the IT return of current year claiming only Rs. 8000 as TDS credit and claim the balance Rs. 2000 in the subsequent year (after deductor files TDS returns for Rs. 2000) since its not possible for us to wait till he files TDS returns (which might take a longer period) ? Then revise the return u/s 139(5) ??

S. Shiroor (Others) (1207 Points)
Replied 14 September 2015

I got AY 2012-13 refund No 1 on 13th July 2013

I realised in jan 2015 that one TAN No of "tata motors" was wrongly filled for one of my clients.

I rectified the return with correct TAN and i got second refund in feb 2015.

You need to relentlessly follow up to update TDs return for 2K.

Once done file rectification . it is simple procedure . No need to file revised return for tax credit mismatch and reassess the return cases.

For second option that is change in data in some schedules such as 80G donations etc you have to upload revised XML.

You cannot revise the return later bcoz the due date is over. You can always file return till 31st march 2017 for AY 2015-16. You need to wait for 26AS to be updated.

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