Tax credit

This query is : Resolved

Share Report Follow Query Ask a Query

pooja agarwal

pooja agarwal (Querist)
Follow

04 July 2012 How can we claim tax credit on tax already paid in succeeding AY in current AY??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

04 July 2012 If tax deposited through physical challan the correction in Assessment Year can be made by bank within 7 days.

Otherwise you have to write a letter to your Assessing Officer along with a copy of the challan, requesting for the correction in the Assessment Year.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

04 July 2012 In this regard you may refer to the following instructions from below link given in NSDL site--

https://www.tin-nsdl.com/oltas/oltas-note.php

pooja agarwal

pooja agarwal (Querist)
Follow

04 July 2012 Thank you..Can you give me a reference for claiming the credit??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

04 July 2012 What Reference? Please elaborate...

pooja agarwal

pooja agarwal (Querist)
Follow

04 July 2012 Any case laws or any provision in the act regarding claiming of such credit.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

04 July 2012 Please refer to the link given above...

From what i understand you have wrongly deposited the Tax in next AY so just correction in AY is required.

pooja agarwal

pooja agarwal (Querist)
Follow

04 July 2012 The case is like this..

Sale consideration of Rs 200 was received in parts. 150 in AY 08-09 and 50 in 09-10. We paid tax accordingly in respective AY. during assessment it the AO considered 50 in AY 08-09 as it was the year of sale and also charged 50 in 09-10. So how can we claim the tax credit??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

04 July 2012 Have you paid the taxes? If you have not paid the tax second time you need not pay same and apply for rectification of mistake u/s 154 of the Income Tax Act, 1961 along with the relevant documents.

pooja agarwal

pooja agarwal (Querist)
Follow

04 July 2012 We have paid part amount and want to claim the credit after paying the remaining amount..How can we justify our claim??

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now