24 August 2007
Iwill be grateful if you could kindly help me with the following query:
1 Can an excess deposit of TDS by the deductor, of the TDS, on rent paid,be claimed as a refund from the Income Tax department.? If possible, could I have the relevant section/ Circular
2 Can the payee (tenant) use two seperate financial years tds certificates for one years return, to show that the excess amount deposited in one (earlier) year,as shown in the TDS Certificate, of the earlier year,and not claimed by the tenant in his return of the earlier year as credit, has been adjusted against the short amount deposited in the subsequent year, and credit for which is being claimed by the tenant in the subsequent year.
3 What would be the position when TDS Certificates are not being enclosed with the Income Tax Return.
I will be grateful for your guidance at the earliest
1. No Excess TDS paid cannot be claimed as refund by the deductor...........There is no provision in IT Act to claim refund of excess deposit of TDS with the dept. He can do only an adjustment in deduction of TDS with other other head of a/c. and issue a TDS certificate to the concern dedutee at the year end....
2. No. The payee has to file his return with the coressponding year TDS certificate. He cannot claim the credit in next year.......He can claim refund by the department by filling a revise return of that Asst. year and not in the next Asst. Year.
3. If TDS certificates are not enclosed by the assessee, he will get the credit of TDS amount.....but he has to produce the certificate with in 2 years.......of that asst. year.
CAclubindia
