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Tds refund

garvit bharti (CA FINAL) (370 Points)

18 July 2014

hello everybody,,

I am claiming refund of tax deducted at source u/s 194c.Proper books and records are available.I just want to know while filing ITR under which head TDS RECEIVABLE/REFUND should be shown...???

Should it be under

"Balance with Revenue Authorities"???????

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8 Replies

CA R SEETHARAMAN (CA Practice ) (144482 Points)
Replied 18 July 2014

If you are filing E return, fill the taxable income and TDS details, the last column of the first page of the return show you the quantum of refund due to you. you need not fill the column.

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garvit bharti (CA FINAL) (370 Points)
Replied 18 July 2014

dear seetharaman,, you are taking me in a wrong way...let me explain.

the case in my hand is to be dealth with BOOKS & ACCOUNTS MAINTAINANCE CASE and i need to fill all the details in the income tax return.

Balance sheet is having an item of TDS RECEIVABLE in the asset side.

Now while filling the itr-4 form under which column this TDS RECEIVABLE should be inserted????

CA R SEETHARAMAN (CA Practice ) (144482 Points)
Replied 18 July 2014

Earlier your question is not clear. Now you have stated your requirement clearly.

You have to fill the following.

Under b loans and advances

iii Balance with revenue authorities.

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garvit bharti (CA FINAL) (370 Points)
Replied 19 July 2014

Originally posted by : SEETHARAMAN
	Earlier your question is not clear. Now you have stated your requirement clearly. You have to fill the following. Under b loans and advances iii Balance with revenue authorities.

THANKS SIR for your reply,,,, but some one has suggested me to mention it in the column of

" other current assets" stating that "balance with revenue authorities" deals with balance in regard to the sales tax dues ......kindly explain the validity of the same..

thanks

CA R SEETHARAMAN (CA Practice ) (144482 Points)
Replied 19 July 2014

Revenue authorities includes both state and center. Filing up in balance with revenue authorities is appropriate. You will not face any problem by filling it under this head, being a balance sheet item.

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garvit bharti (CA FINAL) (370 Points)
Replied 19 July 2014

Originally posted by : SEETHARAMAN
	Revenue authorities includes both state and center. Filing up in balance with revenue authorities is appropriate. You will not face any problem by filling it under this head, being a balance sheet item.

thanks sir ji....but in case i have already shown it under other current assets ,,willl it effect the refund??