Refund of excess tds for fin.year 2012-2013
This query is : Resolved
27 May 2012
I refer to discussion on
https://www.caclubindia.com/forum/procedure-for-refund-of-excess-tds-deducted-paid-142782.asp
Sir, this circular no.2 (read with circular 6) is only till periods upto 31.3.2010.
What if tds deducted for curent fin.year 2012-2013, can assessee claim refund in fin.year 2012-2013 (now) , if no other expense is likely to be there from that deductee in any other quarter?
www.canaresh.com , mr.kunjan shah, +91-9820750784
https://www.caclubindia.com/forum/procedure-for-refund-of-excess-tds-deducted-paid-142782.asp
Sir, this circular no.2 (read with circular 6) is only till periods upto 31.3.2010.
What if tds deducted for curent fin.year 2012-2013, can assessee claim refund in fin.year 2012-2013 (now) , if no other expense is likely to be there from that deductee in any other quarter?
www.canaresh.com , mr.kunjan shah, +91-9820750784
CA PARAS BAFNA
(Expert)
27 May 2012
W.e.f. 1-4-2010 Section 200A has been inserted in the IT Act.
.
According to the section after the completion of checking of the e-tds returns of the deductor assessee the department will calculate the refund amount and will send an intimation to the assessee along with the refund due.
.
.
According to the section after the completion of checking of the e-tds returns of the deductor assessee the department will calculate the refund amount and will send an intimation to the assessee along with the refund due.
.
27 May 2012
thank u sir, but 200A implies assesssee-deductor has to wait till all returns are processessed (I.E. till end of fin.year 2012-2013).
my client wants to claim now as its a big sum erroneously deducted as expense got cancelled. is it possible?
my client wants to claim now as its a big sum erroneously deducted as expense got cancelled. is it possible?
CA PARAS BAFNA
(Expert)
27 May 2012
No, in my knowledge, it's not possible to get refund immediately.
.
Expense has to be booked only when it becomes certain.
.
The term "Credited or Paid" provides a cushion of flexibility to the deductor and the same must be exercised in case of uncertain nature of expenses even at the risk cost of 1% interest.
.
.
Expense has to be booked only when it becomes certain.
.
The term "Credited or Paid" provides a cushion of flexibility to the deductor and the same must be exercised in case of uncertain nature of expenses even at the risk cost of 1% interest.
.
27 May 2012
thank u sir.
mr.kunjan shah from www.CAnaresh.com
mr.kunjan shah from www.CAnaresh.com
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