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Tds

CA Gaurav Choradia (Relationship Manager ) (418 Points)

10 June 2013

Hi,
My friend Mansih filed his IT return for AY 2011-12 as per section 139(1). He claimed TDS credit in his return. In few months he also got refund as claimed in ITR.
Now the person who had deducted TDS now revised TDS return and given that TDS credit to any other person. Now my question is what should Manish do in this case? provided there is no tax liabilty in ITR filed by Manish.

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3 Replies

Devendra (Chartered Accountant) (4775 Points)
Replied 10 June 2013

As per my opinion, when the other Assessee files his Income Tax Return, then the IT Dept. shall pay the IT refund to him, and furhter shall issue a notice of demand to the previous assessee (ie. your friend) for the payment of Income Tax which he had received earlier.

Regards,

Devendra Kulkarni

CA Gaurav Choradia (Relationship Manager ) (418 Points)
Replied 11 June 2013

Can IT department charge Interest on that demand? or can IT department waive off Interset if my friend deposit the refund amount before receiving any demand notice form IT department?

Devendra (Chartered Accountant) (4775 Points)
Replied 11 June 2013

As the assessee has wrongly received the IT Refund, the IT Dept. may levy interest from the date of payment of refund to the date of returning of refund back to the IT Dept.

Regards,

Devendra Kulkarni