Tds query

158 views 5 replies

jvratnam

Others

109 Points Joined May 2015

One real estate company deducted income tax @ 10% on the proceeeds on redemption of NCDs by mistake as the tax liability is to be discharged by the beneficiary ( my self ) and the company showed in Form 28AS as interestr on securities and made TDS u/s 193.

I showed the income as SHORT TERM CAPITAL GAIN in ITR for AY 2017-18. I got a notice from CPC regarding variation in the income from other sources as computed from 26 AS and the income shoed in ITR . The deductor is not responding properly for this mistake and replied to me that since the income suffered tax correctly and no concealment of any income , CPC ,Bangalore may be informed accordingly.

Please advise me on how to handle this issue , though I replied tem stating that there is no concealment of any taxable income .

I have not got any reply and this is more tha 8 months old issue

Replies (5)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208374 Points Joined July 2016

Reply stating that the amount has been assessed as STCG...... attaching computation sheet.

Also attach a sheet with working of the interest amount under IFOS, reducing the equivalent amount from CG, and the tax difference which is saved by you, and refute the charge of concealment of income.

jvratnam

Others

109 Points Joined May 2015

Thank you very much ,sir

Is the dedctor not punishable for the act of this negligence of deducting TDS wrongly and surprisingly why the the AUDITOR who certified my portfolio held with the company ,did not verify the tax compliance of the company ? Simply replying me taht this happened by mistake, is an actionable misconduct, I feel.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208374 Points Joined July 2016

Here deductor has rightly selected TDS section..........

The deductee has option to treat the income under different heads, based on the treatment in his books of accounts, whether as investment of current assets.