Tds
This query is : Resolved
25 February 2013
Dear respected members,I am a lawyer working with a law firm and getting professional fee, whereon I TDS is deducted every month. In the month of June 2012, I have taken loan/advance of Rs. 55,000/-form my office with an understanding that I will repay Rs.5000/- every month. The accountant had deducted 5,500/- as TDS on the above amount.
Now my query is that the said TDS has been deducted wrongly because I have to repay the whole of the above amount in 11 equal installments. Therefore, the said sum of Rs.55,000/- can not be said to be my income. I want to know that the said TDS is applicable on the advance/loan, which is to be repaid to the office.
If it is illegally deducted then how can i get my Rs.5,500/-?
Now my query is that the said TDS has been deducted wrongly because I have to repay the whole of the above amount in 11 equal installments. Therefore, the said sum of Rs.55,000/- can not be said to be my income. I want to know that the said TDS is applicable on the advance/loan, which is to be repaid to the office.
If it is illegally deducted then how can i get my Rs.5,500/-?
25 February 2013
No tds is not applicable on the Advance/Loan
but it is applicable if the advance Salary is taken from the employer.
In your case no TDS is applicable but since he has mistakenly deducted the same
you need to claim refund by filing the Income Tax Return.
the Amount of will be refunded to you considering your Tax Liability.
but it is applicable if the advance Salary is taken from the employer.
In your case no TDS is applicable but since he has mistakenly deducted the same
you need to claim refund by filing the Income Tax Return.
the Amount of will be refunded to you considering your Tax Liability.
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