Non filing of tds returns and intimation u/s 143(1)
This query is : Resolved
08 June 2015
Dear Experts,
An assessee is engaged in a profession and is covered under Tax Audit. He has TDS credit from various parties every year. For the AY 2013-14, he has received intimation u/s 143(1) showing a demand, which is due to TDS credit mismatch. On verification it was found that the TDS pertaining to a regular client was not reflecting in 26AS, although he has effected TDS on his payment to the assessee.
Now what is the recourse available to the assessee?
Whether the assessee can reduce his income to the extent of TDS effected and file a return with updated tax and related interest? if so under what section is this return to be filed?
Kindly clarify ASAP.
An assessee is engaged in a profession and is covered under Tax Audit. He has TDS credit from various parties every year. For the AY 2013-14, he has received intimation u/s 143(1) showing a demand, which is due to TDS credit mismatch. On verification it was found that the TDS pertaining to a regular client was not reflecting in 26AS, although he has effected TDS on his payment to the assessee.
Now what is the recourse available to the assessee?
Whether the assessee can reduce his income to the extent of TDS effected and file a return with updated tax and related interest? if so under what section is this return to be filed?
Kindly clarify ASAP.
Nikhil Kaushik
(Expert)
08 June 2015
income is not linked to TDS credit. You need to ask the deductor to check his/her/its TDS return
08 June 2015
Ask the deductor to check his TDS return and revise the same if required. Once it gets reflected you can file rectification request u/s 154 to nullify the demand.
If TDS has been deducted from you then you can not be denied TDS credit because of carelessness of the deductor.
See below link in this regard:
https://www.caclubindia.com/forum/details.asp?mod_id=258273#.VXWbf8-qqko
If TDS has been deducted from you then you can not be denied TDS credit because of carelessness of the deductor.
See below link in this regard:
https://www.caclubindia.com/forum/details.asp?mod_id=258273#.VXWbf8-qqko
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