Tax Credit
This query is : Resolved
14 June 2016
Dear Sir,
Company ABC LTD deducted Tds of X but while filing tds return it was wrongly reported to credit of Y.Y filed his IT return taking credit of wrong Tds.After that ABC revised it's TDS return.Noe X took credit of the same through 26AS.In this situation,what is the stand of the department?
Amol S Joglekar
(Expert)
15 June 2016
Dept can recover the excess credit given to Y
CA R SEETHARAMAN
(Expert)
15 June 2016
Department has to raise a demand on Y along with interest.
Rupesh Jain
(Expert)
15 June 2016
department make demand from Y.
16 June 2016
but what if Y increases his corresponding income to take the credit?
Amol S Joglekar
(Expert)
16 June 2016
It is other way round as per our understanding......tax is the function of income and NOT income is the function of tax.... your views please
Message likes :
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18 June 2016
Absolutely agreed Sir,But what would be the consequences if such credit is taking by increasing the income?Will the dept accept the same?
Amol S Joglekar
(Expert)
18 June 2016
no questions asked if a person is offering to pay a reasonably HIGHER tax.
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