Tax credit (Income Tax)

This query is : Resolved

pooja agarwal

( Author )
04 July 2012

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

CMA. CS. Sanjay Gupta

( Expert )
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

( Expert )
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

( Author )
04 July 2012

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

CMA. CS. Sanjay Gupta

( Expert )
04 July 2012

What Reference? Please elaborate...

pooja agarwal

( Author )
04 July 2012

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

CMA. CS. Sanjay Gupta

( Expert )
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

( Author )
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

( Expert )
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

( Author )
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??