deepika (ab) (38 Points)
13 August 2012Good Morning All
Assessee is sportsperson and received fees after deduction of TDS U/s 194 J per match.. Total fees received is less than Minimum Exemption Slab.. My query is dat whole amount of TDS will be refunded or not?? ITR-4 needs to be filed?? what is the last date of filing the return?? any requirement of maintainance of Books of Accounts??
Kindly Clarify
Warm Regards
CA. Subhash Dangi
(Chartered Accountant)
(1784 Points)
Replied 13 August 2012
File ITR-4 and can get refund of TDS deducted U/s 194J.
No books of accounts to be maintained since the gross receipts or net income below the exemption limits.
Last date of Filing return for the AY 2012-13 is 31st August, 2012.
Anand Raghavendra
(Manager-Internal Audit)
(111 Points)
Replied 13 August 2012
Returns ITR IV to be filed and refund of TDS can be got U/s 194 J
NEERAJ KUMAR NAUGAIN
(FINANCE & ACCOUNTS EXECUTIVE)
(22 Points)
Replied 14 August 2012
OUR COMPANY IS TAKEN LOAN OF RS 50 LACS (UNSECURED) & 2 CRORE(SECURED) LOAN FROM FINANCIAL INSTITUTION AND WE PAID SUPPOSE 8 LAC INTERSET IN 50 LAC & 10 LAC INTERSET IN 2 CRORE LOAN....IS TDS IS APPLICABLE FOR FINANCIAL INSTITiONS?
CA. Subhash Dangi
(Chartered Accountant)
(1784 Points)
Replied 14 August 2012
Interest receipt on Loand and advances and Interest payments on Deposits are main business of the Banking and Financial insitutions.
Hence receipt of interest on Loans and advances by financial institutions are outside the perview of TDS provisions till date and not covered undet the Income tax Act.
NEERAJ KUMAR NAUGAIN
(FINANCE & ACCOUNTS EXECUTIVE)
(22 Points)
Replied 14 August 2012
BUT THE FINANCIAL INSTITUTE (RELARE) AUDITOR SAID PLEASE DEDUTED TDS ON INTEREST..
CA. Subhash Dangi
(Chartered Accountant)
(1784 Points)
Replied 14 August 2012
TDS need not to be deducted if paid to:
Any banking company ti which the Banking Regulation Act, 1949, applies or any Co-operative society engged in carry on the businees of banking under approval of RBI Rules
Make sure that the Financial Institute is nationalised bank or it is banking company which is required to follow RBI rules.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
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