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Tds on fdr (194a)

Pankit (Accounts) (41 Points)

21 May 2012

Dear All,

Please let me know that whether am i eligible to get the Refund of TDS of 194A for the FY 2010-11 (AY 11-12) if i filled the return today (21st May 2012).

Reply me ASAP.

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7 Replies

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 21 May 2012

Yes, refund can be claimed if return is filed on or before 31st Mar 2013 i.e. withing one year from teh end of the A.Y. In your case one year is till Mar13, so as you are filing the return now, you can claim the refund.

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Prakash (Chartered Accountant) (560 Points)
Replied 21 May 2012

Yes you can get the TDS back in the form of Refund provided you are below tax exemption limit i.e 2,00,000 for

A Y 2012-13 and there is no such thing like you should file return before this date, you can file return any time upto time

allowed for belated return, i.e 2 years from the end of Corresponding Financial year

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 22 May 2012

Mr Prakash, is there any provision under the I-T act, that refund cannot be claimed by filing the I-T return, if the assessee is below the tax exemption limit?? could you please site the section nos for such provison

Prakash (Chartered Accountant) (560 Points)
Replied 25 May 2012

You got me wrong Mr Giridhar

You can get refund irrespective of you are above or below tax exemption limit

Thing is if you are above Tax exem limit, you might need to pay some tax, which may offset TDS deducted

So, Calculate your Tax liability and Deduct TDS, Apply remaining for Refund !! :)

TARUN KUMAR GOEL (COMMERCIAL CUM ACCOUNTS MANAGER) (37 Points)
Replied 25 May 2012

Mr. Girdhar,

As per the Income Tax Act'1964 one can file his/her Income Tax Return within 12 months from the end of the Financial year. I mean to say that for financial year 2010-2011, one can file his/her return by 31.03.2012 otherewise there will be a fine of Rs.5000/-.

If ur income is not taxable, u have to file return showing ur taxable income as nil less tds = balance is refundable.

So, u are eligible for refund as per the Income Tax Act'1964.

Thanks

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Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 25 May 2012

Mr Tarun Kumar, I dont think that the return can be filed from the end of the F.Y., but it shud be filed within one year from the end of the A.Y. relevant to the P.Y.

TARUN KUMAR GOEL (COMMERCIAL CUM ACCOUNTS MANAGER) (37 Points)
Replied 25 May 2012

Mr. Girdhar,

If the Return is taxable it can be filed within 12 months from the end of the financial year. You can also file the return for the financial year 2010-2011 upto 31.03.2012 but with a penalty of Rs. 5000/- for belated return.

But if the return is non-taxable u can file within 24 month from the end of the Financial year.

Thanks