26as status of booking "o" overbooked

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asker (Querist)
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11 November 2013 Dear Experts,
I will appreciate if you could give your expert comments on my following situation.
During the sale of shares of a non listed company in March - April 2013 timeframe ,the buyer transferred the amount to me on 5th or 6th of April 2013 after deducting the TDS. However the buyer deposited the TDS to the Govt mentioning it as a transfer on 31 March 2013 so I got an entry in my 26 AS form for year 12-13 (Assessment year 13-14) the status of which is “F” Final .
That way I could have filed the IT return for 12-13 and get the extra tax back in this year itself but then we realized that this transaction has to be treated as FY 13-14 (Assessment year 14-15) because the amount was paid to me on 5th or 6th April 2013. In this case I asked the buyer to correct the entry in 26AS form because the TDS was showing in year 12-13 with Status “F”. They made the correction but now in my 26AS form , I have a new entry for Year 13-14 (Assessment year 14-15) with exact same amount but status “O” which is overbooked and the entry for year 12-13 remains as it was with “F”. I asked them that they need to make the entry for year 13-14 as Final and last year’s entry should be deleted. Am I being right here? They are saying that they are trying for last 3 months or so but no change. I am bit worried because if this does not happen, I wont be get the tax money back next year because will govt give me the tax back with a TDS as “O” over booked status in my 26AS for year 13-14.

I know it is long but please bear it.

Thanks
AQ

Nikhil Kaushik

Nikhil Kaushik (Expert)
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12 November 2013 1. It appears that while revising the return, the payer made some mistake which has resulted in showing overbooking.

2. there was no need to revise the return. Income tax department allows you to claim TDS credit in FY 2013-14 for taxes deducted in FY 2012-13.

3. Please request your client to keep TDS return for Q4 for FY 2012-13 same as it was before and remove the entries from FY 2013-14. This should take care of the overbooking status.

4. please note that they need to make entry in FY 2012-13 only. It is you who need to claim credit in FY 2013-14, which can be done if you see the TDS sheet in tax return properly.

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