Tds

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S.K.Haque

S.K.Haque (Querist)

20 November 2012 Respected Sir/Madam,
I am a agent of LICI & Prayag Group. But presently my LIC agency operated by my Brother & he has applied for the TDS (deducted from LIC) return for the A.Y 2011-2012(applied on Feb-2012) and 2012-2013.(applied on Sept-2012)& he has already received the return amount of AY 2011-2012.
But I was totally unknown about this matters, and unknowingly I have applied for the TDS returns (both LICI & Prayag) for A.Y. 2011-2012 (applied on June-2012) & 2012-2013 (applied on Sept-2012).
Now what would be happen ? Is there any possibilities for any case or punishment against me ? Have I to pay any penalty ?
What can I do now to obtain the rest TDS amount of AY.2011-2012 (which was deducted from Prayag) & AY 2012-2013 (amount deducted from LICI & Prayag).

Please provide me advice & guide me in this regard. Which act of your kindness I will remain ever grateful to you.

Amol S Joglekar

Amol S Joglekar (Expert)

20 November 2012 If agency is in your name, TDS must have been done in your name and not that of your brother's. So your brother need not worry. You also need not worry because, the TDS has been deducted from the income. (Please throw some more light on your query) Check out the PAN based TDS in this.

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