biswajit chakraborty (Admin Executive) (63 Points)
29 July 2011dear all
i am working as a sub-contractor in a construction company, the compane issued a from 16a in the name of biswajit chakraborty,total amount of TDS is 17,500.00,on income 17,50,000.00. how can i refund this ammount ,please advise me,
thaks ®ards
biswajit chakraborty
kolkarta
CA J.Alamelu lakshmi
(Chartered Accountant)
(852 Points)
Replied 29 July 2011
Simple.. File ur Income tax return 
biswajit chakraborty
(Admin Executive)
(63 Points)
Replied 29 July 2011
| Originally posted by : Mihir | ||
 |
What is your exact question? |
 |
i want to refund of rs 17500
Mihir
(Wealth Manager)
(5293 Points)
Replied 29 July 2011
I think you want to know what to do with this deduction.
At the time of filing your IT return, your tax liability will be reduced to the amount of TDS deducted Rs. 17,500/-, which means the company paid tax to the government on your behalf, and the proof is Form 16A.
kanagaraj
(CHARTERED ACCOUNTANT)
(793 Points)
Replied 29 July 2011
Dear Biswajit,
You must file your ITR 4S admitting an income @ 8% on total contract. It is 1,40,000/- which is below the taxable limit and claim the entire amount as refund. Better you contact a CA for professional services. Of Course they may charge some amount as a prof fee.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 29 July 2011
after filing the return you can claim tds refund
TRILOCHAN
(SENIOR ACCOUNTANT)
(698 Points)
Replied 29 July 2011
Just file your ITR by ITR 4S with Minimum profit 1750000*8%= 140000 below exemption limit and ask for refund to the Income Tax department.
Aabhishek Kr. Singh
(Finance professional)
(106 Points)
Replied 01 August 2011
dear
mr. Bishwaijit,
as far i understand Brother, u r a sub-contractor in a construction company and received the sum of Rs. 17,50,000/- and deductec tds on it rs, 17500.
is it?
if yes then listen me Bro,
your income is not the amount received by you in your Bank account or cash , whatever, after deduction of tds i.e
your total income = 17,50,000/-
you got = (17,50,0000 - tds 17500) = 17,32,500
tds = 17500 (1%)
now dear your taxable income is (only consider the above receipt as your income) is 17,50,000. you have to file your return (income tax return) before 31 march 2012 (becouse 31 july, statutory due date has been passed) with interest.
your tax is lupsum 3,00,000/-
if you have some other explanation or investment like LIC, Mediclaim, agricultural Bond, NSC then your taxble income is less by the same.
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Aabhishek Kr. Singh
(Finance professional)
(106 Points)
Replied 01 August 2011
if ur taxable income is below Rs. 160000/- then u get refund.
in the above case u r not eligible to get refund.
CH.MARUTHI RAM
(TAX CONSULTANT)
(69 Points)
Replied 01 August 2011
DEAR BISWAJIT JI,
IN MY VIEW U SUBMIT ITR4S WITH DECLARING PROFIT @ 8% ON UR GROSS RECEIPTS RS.17,50,000 = 1,40,000/-, IT IS VERY EASY TO FILL THE ITR4S AND U GET THE COMPLETE REFUND OF RS.17500/- & MENTION UR BANK DETAILS LIKE ACCOUNT NO AND MICR NO. ALSO.
Srinivasan.B
(Service)
(26 Points)
Replied 03 August 2011
Dear Biswasji,
Mr.Abhi told is totally wrong. You may go as per CH.Maruthi Ram. He is correct.
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