Tds - different fy for booking and transaction dates

TDS 5155 views 5 replies

AS

30 Points Joined July 2017

I have received multiple payments on which TDS has been deducted. Now the payments are in two categories.

1) Payment received in FY 2016-17 and TDS tranasction date and booking date in 2016-17

2) Payment received in FY 2017-18 and TDS Transaction date is 2016-17 and booking date is 2017-18.

Both the above TDS are appearing in my 26AS for FY 2016-17.

Now for the first part there is no issue as everything has happend in 2016-17. So I can show the income for 2016-17 and claim refund of TDS which has is shown with Trasnaction date and booking date in 2016-17.

But for the second part, I have received the payment in 2017-18, which TDS Transaction date in in 2016-17. So while filing my ITR this year how can I claim refund for point no. 2. Since I have received the payment only in current FY (2017-18), while the TDS on the same has been shown with Trasnaction date in 2016-17.

So do I show income receved in 2017-18 too in my ITR or how to go about getting refund for point 2.

Replies (5)

Prity Agarwal

CHARTERED ACCOUNTANT

363 Points Joined March 2017

While filing the ITR for the current year (i.e FY 2016-17) claim refund of the TDS paid mentioned in point no. 1 only.

For the TDS deducted in point no. 2 refund can be claimed in the next year (i.e FY 2017-18). Once the return for the F.Y 2017-18 is filed, a copy of the return along with an application detailing about the error in TDS should be submitted. A copy of Form 26AS should also be attached with.

AS

30 Points Joined July 2017

Thanks for your reply.

There is no error in the TDS dates. It is only that the vendor has stated the Transaction date as 25 March 2017, while he made payment to me in April. Also the booking date for these transaction is showing as 30, April 2017 in my 26AS.

So while I have received the payment in April, TDS report of 2016-17 is showing this TDS.

Hope I am able to clarify.

AS

30 Points Joined July 2017

Payment date in my A/c	Amount	TDS	TDS Transaction Date (As per 26AS) 2016-17	TDS Booking Date (As per 26AS) 2016-17
24 Feb 2017	12,500	1,250	10 Jan 2017	1 Feb 2017
27 Feb 2017	14,000	1,400	10 Jan 2017	1 Feb 2017
25 April 2017	10,050	1,005	25 Mar 2017	10 April 2017
30 April 2017	11,000	1,100	25 Mar 2017	10 April 2017

All the above transactoins are appearing in my 26AS for FY 2016-17.

So for the last two transactions in which FY can I claim the refund.

AS

30 Points Joined July 2017

Any advice or help?

AS

30 Points Joined July 2017

Dear Ms. Prity Agarwal,

Also on the above discussion, if I have to claim TDS refund next year, do I have to show the income of last two transaction in filing returns this year. Since I have received the payment in 2017-18 FY, do I have to show it in 2016-17, since the TDS has been shown in 2016-17 26AS form and Transaction date of TDS is 25 Mar 2017. Booking date is 10 April 2017.