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Tds query

Prashanth (Chartered Accountant) (2322 Points)

09 April 2012

Hi,

1.In case of a person other than company has deducted the TDS amount of on the income of an assessee....while filing the return by such assessee has found difference amount in TDS amount b/w form 26AS and TDS certificate now in this case which amount has to take by the assessee( As per which section)

2.If the person has deducted the amount and the same is not deposited by such person....Now can assessee claim tax which was deducted while filing the return...if yes as per which section?

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6 Replies

Maruthi (Tds Returns Preparer) (207 Points)
Replied 09 April 2012

Prasanth

1.As per the provisions of new online procedure in Income Tax , the assesse can claim the TDS only which is reflect in Form No.26AS only, not according to the TDS Certificate. So, Asseesse should COMPARE the tds between form no.26AS and TDS Certificate before filing his Income Tax Return.

2.The TDS amount or Section will have to show in return only with according to Form No.26AS.

Regards

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Murtaza I Bhagat (Tax & Finance Consultant) (10523 Points)
Replied 09 April 2012

While filing IT returns person need to check their TDS in 26AS and as per expert advice compare with TDS certificate. if TDS certificate & 26AS amount differ then first check your payment how much you have get including TDS if its equal to TDS then Certificate is right otherwise 26AS.

but if 26AS is wrong then you can only get refund which is shown in 26AS.

you need to do is contact you deductor and tell them about difference in TDS and 26AS certificate and asked them to rectify the mistake by revised tds return file

when both amount equal then claim right amount of refund

ARUNMOZHI (ACCOUNTANT) (21 Points)
Replied 10 April 2012

TDS RATE FOR FY 2011-12

Murtaza I Bhagat (Tax & Finance Consultant) (10523 Points)
Replied 10 April 2012

Dear Arun Pls find below files

it will help you to know tds f.y. 2011-12

/share_files/files_download.asp?files_id=44520

https://s3.amazonaws.com/caclubindia/cdn/files/470498_43583_tds_updated_rate_fy_2011_2012.pdf

/share_files/files_download.asp?files_id=40681

1 Like

saurabh (article) (29 Points)
Replied 10 April 2012

liability of Advance tax is seen when

tax amount is more than 10000 after deducting TDS

i want to know

whether the word is deducted or deductible

in respect of payment of Advance tax

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Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8310 Points)
Replied 10 April 2012

As per my view TDS can be claimed on the available TDS certificates as because TDS certificates issued by the deductor is the proof that tax has been deducted according to a particular section. As far as 26AS is concerned it may be possible that deductor has failed to deposit tax in time or he may have filed the TDS return after the due date. The above reason can create difference between 26AS and TDS certificate.

Correct me if I am wrong.