Get refund of tds
This query is : Resolved
05 August 2014
Our rural land has been compulsory acquired for construction of narmada canal. TDS has been deducted under section 194J, though no tax is leviable on compulsory acquisition of agriculture land. How to get refund? It is not asset under capital gain.
1. How to account for it?
2. How to get refund?
1. How to account for it?
2. How to get refund?
05 August 2014
tds cannot be deducted u/s 194J as that sec is for tds deduction of professional fees and it must have been deducted uunder 194IA and for that u need to ask for form 16A from the govt and only 50% of the int on compensation is taxable and can claim rfund byby filling itr.
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Nikhil Kaushik
(Expert)
05 August 2014
please file ITR2. I believe what you have received is the original compensation, which shall be totally tax exempt. Any further interest on the same however shall be taxable under section 56 with 50% deduction under section 57.
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Rupesh Jain
(Expert)
06 August 2014
you are receiving the compensation is exempt from the tax you can get the refund the TDS on filing of return in ITR-2
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08 August 2014
I have seen its 194J only. How I should entere it in genius software for itr,under which head? As its not capital asset, not in capital gain; not in busn/prof; should , If I write in other income , how to get exemption?
08 August 2014
I have seen its 194J only. How I should entere it in genius software for itr,under which head? As its not capital asset, not in capital gain; not in busn/prof; should , If I write in other income , how to get exemption?
08 August 2014
I have seen its 194J only. How I should entere it in genius software for itr,under which head? As its not capital asset, not in capital gain; not in busn/prof; should , If I write in other income , how to get exemption?
Nikhil Kaushik
(Expert)
08 August 2014
it will be reported as exempt income. Provide the TDS details in the TDS sheet. The excess credit shall be refunded
Nikhil Kaushik
(Expert)
08 August 2014
it will be reported as exempt income. Provide the TDS details in the TDS sheet. The excess credit shall be refunded
Nikhil Kaushik
(Expert)
08 August 2014
it will be reported as exempt income. Provide the TDS details in the TDS sheet. The excess credit shall be refunded
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