Credit of tds deducted

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2013 Dear Experts,

In case of one of my colleague, the Bank has deducted TDS on interest on Bank deposits in FY 2011-12(AY 2012-13) on which he mistakenly didn't take credit in the Return and thereby didn't get refund as his total gross emoluments were less than maximum limit.

Can he take the credit of TDS deducted in the year 2011-12 in the FY 2012-13(AY 2013-14) ?
Or there is any other way to get the credit of the TDS deducted ?

Experts do reply at the urgent.

Rupesh Jain

Rupesh Jain (Expert)
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28 May 2013 if you have file return then you can revise

if you not file return and no tax libality.
after deducting TDs then you can file return if gross total in less than rs. 2.00

Ganeshbabu K

Ganeshbabu K (Expert)
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28 May 2013 he can file revised return by stating tds details in return

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2013 Thanks Experts.

Can he revise return for FY 2011-12 (AY 2012-13) ? If he can what are the due dates for the same ? If anyone can please quote the section No. for the reference?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 May 2013 Revised return can be filed u/s 139(5) provided you have not filed a belated return u/s 139(4). Belated return can not be revised. Return filed on or before due date u/s 139(1) can be revised.

Revised return under section 139(5) can be filed within one year from the assessment year or before the completion of the assessment, whichever is earlier.

Ganeshbabu K

Ganeshbabu K (Expert)
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28 May 2013 as per sec139(5)revised return can be filed before expiry of one year from the end of the relevant assessment year or or before completion of assessment which ever is earlier.

so for A.Y. 2012-13 you can file revised return with in 31st march2014 or before assessment which ever is earlier

so please file belated return now

Note: you can file belated return u/sec 139(5) only if u have filed original return with in due date as per 139(1) i.e, 31st july2012

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 May 2013 The due date of filing income tax return for AY 2012-13 was extended till 31.08.2012

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