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TDS claim

Priya jain (Article) (43 Points)

09 January 2016

Can the previous yrs. TDS be claimed by the assessee in his current yrs. Income tax return?

Pls reply...

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6 Replies

S. Shiroor (Others) (1207 Points)
Replied 09 January 2016

If the Income pertaining to TDS is received in this year than you can claim it in this year.

Otherwise you can rectify last year's return under tax credit mismatch - if you have taken TDS + Income pertining to TDS in last year.

In case you have taken only the income last year and forgot to take TDS also as a income than you have to rectify

the X M L file taking TDS portion both on income side and Tax credit side.

I hope I am correct.on this

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CA Chandra Prakash (9873059766 Increasing knowledge through sharing) (296 Points)
Replied 09 January 2016

Only when income also taken into account in this year Simple words tds on income and such income of a particular year can be claimed together

Priya jain (Article) (43 Points)
Replied 09 January 2016

but its shown in last year 26AS then how i claim that TDS in current year Return.

S. Shiroor (Others) (1207 Points)
Replied 09 January 2016

1) If the TDS pertains to income received this year - you have to carryover the TDS in last year's return and in this years return "B/f from FY " column is there you should fill and claim it.

2) if the TDS pertains to income last year itself then you rectify last year's return and claim it in " assesse is changing for Tax mismatch only" - if you have taken entire amt (income + TDS ) as income. If you have taken income only and forgot to take TDS in income then Take TDS on both income side and Tax credit side and upload the revised XMl.

I hope I am clear on this.

This happens all time for me from 2008 to 2015. - when the accounting method is on recipt basis and my clients accounting system is on Mercantile basis. So I have to take TDS proportional to actual recipts in bank and C/F the rest Again next year B/f from previous years and take credit.

Mark (Advertisement) (31 Points)
Replied 09 January 2016

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Ashok J (CA Final) (880 Points)
Replied 09 January 2016

@ Mr shiroor. I was not at all aware of this option. Thanks for d reply..wil check itr. We were advising our clients to show only tds portion as income last fy and claim full credit in last fy....balance amt to be shown as income in current fy