Tds certificate

TDS 844 views 14 replies

Respected Sirs,

A loan amout is given to a borrower who paid interest by deducting TDS duly showing in 26 AS. But TDS certificate is not given and there is dispute, the borrower neither wants to give TDS certificate to Creditor nor his amount back. Now Creditor wants TDS Certificate, can he get it by any other means?

Replies (14)

Simple solution would be, if such tax credit appears in 26AS it is sufficient to claim such deduction, as there is no need to attach TDS certificate with ITR. If you still need it, I think you may complain to the assessing officer about the same.

As per S.203 it is duty of the deductor to furnish the TDS certificate, Lest penatly shall be levied u/s 272A(2)(g) [100Rs./day] on deductor.

You may inform the TDS cell in this regards (1800 103 0344) [Toll free]

 0120 4814600 

or contact your AO

 

As per S.205 Where tax is deductible at the source under [the foregoing provisions of this Chapter], the assessee shall not be called upon to pay the tax himself to the extent to which tax has been deducted from that income. Since credit is also appearing , as such there should not be any issues

Respected Sir/Madam, 

Thank you for attending my query.But what I want only TDS certificate, can even after complaint, will the Income Tax Department or any other authority, if contacted, send us the TDS Certificate.

Thanks with Regards,

Could u kindly let me know why exactly u need TDS certificate so that I can try to answer accordingly?

Respected Madam, 

An amount of Rs. one lac is given to Mr borrower, who in turn gave a post dated cheque only (this is only document I have with me), now that cheque has been dishonour so to lodge the complaint u/s 138 Negotiable Instrument ACT and to prove that the amout is due from the borrower as it is given on loan as it is showing in 26 AS. In Tds certificate: Name, address, int due, tds, the person in which capacity, TDS certificate is issued, all are written.

So I need TDS Certificate.

Thanks with Regards,

I dont know what exactly happens after you complain AO. But there is an option to verify TDS certificate when u view 26AS and also 26AS is a doc from IT dept only, will that not suffice for you to lodge complaint for dishonor of cheque? What i suggest is you post yr query in expert section, somebody might give u better answer

it is mandatory to issue tds certificate within the stipulated time....penalty can be levied u/s 272A(2)(g)

Respected Sir,

I agree, it is mandatory, if not complied penalty can be levied. O.k.But what I want is TDS certificate itself or like that, can it be issued by Any Authority of Income tax or any other authority ?

No, there is no other way to obtain the certificate (in my knowlege) and once the IT department itself accepts the tax credit there is no need for certificate, you can use copy of it.

The cheque itself is the proof you need, you can also support your claim with loan agreement [that must have been made]

TDS certificate does not give any other evidence except that your tax was deducted on interest income, which is solely for income tax purposes

 

Respected Sirs,

Here is the problem, there was no loan agreement or any other document except cheque.

S.138 Of Negotiable Instrument Act

Dishonour of cheque for insufficiency, etc., of funds in the account. —Where any cheque drawn by a person on an account maintained by him with a banker for payment of any amount of money to another person from out of that account for the discharge, in whole or in part, of any debt or other liability, is returned by the bank unpaid, either because of the amount of money standing to the credit of that account is insufficient to honour the cheque or that it exceeds the amount arranged to be paid from that account by an agreement made with that bank, such person shall be deemed to have committed an offence and shall, without prejudice to any other provisions of this Act, be punished with imprisonment for  [a term which may be extended to two years], or with fine which may extend to twice the amount of the cheque, or with both: Provided that nothing contained in this section shall apply unless—

 the cheque has been presented to the bank within a period of six months from the date on which it is drawn or within the period of its validity, whichever is earlier;
 
 
 the payee or the holder in due course of the cheque, as the case may be, makes a demand for the payment of the said amount of money by giving a notice in writing, to the drawer of the cheque, [within thirty days] of the receipt of information by him from the bank regarding the return of the cheque as unpaid; and
 
 the drawer of such cheque fails to make the payment of the said amount of money to the payee or, as the case may be, to the holder in due course of the cheque, within fifteen days of the receipt of the said notice.

Explanation.— For the purposes of this section, “debt or other liability” means a legally enforceable debt or other liability.]

 

Since there is no contract (as no loan agreement) you can not take the benefit of S.138

Strict guidelines issued to end Dept’s TDS credit & refund adjustment harassment  

 

In a recent development pursuant to the judgement of the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273, the CBDT has issued Instruction No. 5/2013 F.No.275/03/2013-IT(B), dated 8.07.2013 stating that when an assessee approaches the AO with requisite details and particulars in the form of TDS certificate as evidence against any mismatched amount, the AO will grant credit of TDS to the assessee after ascertaining whether the deductor has made payment of the TDS to the Government.  

 

It Directed all officers that -   

 

"when an assessee approaches the Assessing Officer with requisite details and particulars in the form of TDS certificate as an evidence against any mismatched amount, the said Assessing Officer will verify whether or not the deductor has made payment of the TDS in the Government Account and if the payment has been made, credit of the same should be given to the assessee. However, the Assessing Officer is at liberty to ascertain and verify the true and correct position about the TDS with the relevant AO (TDS). The AO may also, if deemed necessary, issue a notice to the deductor to compel him to file correction statement as per the procedure laid down."

Read more at: /forum/details.asp?mod_id=258273#.VV_Ow0-qqko

Dear Madhu 

Form your query I dont think you need TDS certificate for that. If you have Loan Agreement, it is sufficient. In case borrower say he returned you money then you may show you bank A/c for that regards.

 

 

Entry available on Form26AS is a big and acceptable document to prove the TDS Deduction. Form16A is not needed at all.


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