Rectification of mistake u/s 154

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Guest

Guest (Querist)

14 June 2012 Dear All,

We received a refund of Rs.20 Lacs for A.Y. 2010-11 on 13/4/11 i.e. for the F.Y. 09-10.

on 01/05/2012, we come to know that we came to know that we claimed TDS receivable lesser by Rs.3 lacs & on 07/05/2012 we again came to know that Incometax department has considered TDS receivable lesser by. Rs. 5 lacs.

Please advice can we go for section 154 & claim Rs. 8 lacs TDS receivable.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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14 June 2012 You can apply for rectification only for Rs. 5 lakh. Claim of TDS not allowed by the department.

You CANNOT apply for rectification for Rs. lakhs which you forgot to claim.

This is so because rectification is for mistake apparent from record.

If an assessee has failed to make a claim, he cannot file rectification application becuase it does not amount to mistake apparent from record.

It amounts to making fresh claims which is not allowed u/s 154.

Guest

Guest (Querist)

15 June 2012 Dear Bharadwaj,

TDS which we forgot to claim is there in 26AS statement. So can we considered it as a mistake apparent from record????

Guest

Guest (Querist)

15 June 2012 Dear Bharadwaj,

TDS which we forgot to claim is there in 26AS statement. So, can we take this matter as mistake apparent from record????

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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15 June 2012 I am of the opinion that it amounts to fresh claim.

However, file a rectification application claiming credit of whole Rs. 5 lakhs.

Let the department process the rectification application.

Then the future course of action can be decided.

Guest

Guest (Querist)

22 June 2012 Thanks a lot Mr.Bhardwaj

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