If the assesse does not have any tax liablility and forgets to claim TDS in a particular year where he is not able to revise his return.
Who is the first beneficiary of this TDS
a)Govt -IT dept b) deductor. or c) assesse has some claim
SHIRISH S S (Proprietor) (1016 Points)
16 September 2017If the assesse does not have any tax liablility and forgets to claim TDS in a particular year where he is not able to revise his return.
Who is the first beneficiary of this TDS
a)Govt -IT dept b) deductor. or c) assesse has some claim
SHIRISH S S
(Proprietor)
(1016 Points)
Replied 16 September 2017
Why it should not be assesse? Bcoz it is extra tax paid thro deductee and on par with advance tax.
If the assesse does not have any tax liablility the Govt-IT should inform the assesse at least that assesse's claim will be over from such and such date. (Like the dividend -after 7 years it goes to Education fund)
Somebody told 20k crores TDS is lying unclaimed and Govt has kept in different account. they are also not using it .
Mudit
(retail)
(22 Points)
Replied 16 September 2017
RAJA P M
("Do the Right Thing...!!!")
(127133 Points)
Replied 16 September 2017
RAJA P M
("Do the Right Thing...!!!")
(127133 Points)
Replied 16 September 2017
SHIRISH S S
(Proprietor)
(1016 Points)
Replied 16 September 2017
Thats what i am hinting at.
Govt should not be happy about the 20k TDS which is unclaimed.
But worry about
a) Deductor taken ficticious claims of 2 lakh crore(may be less depending on %) expenses
OR
b) Dedutee's income of 2 lakh crore which has escaped income tax nose.
In my case it is a question of mercantile vs Cash basis of accounting and migrating from physical filing of return to online - it was totally forgotten.
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