Tds

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2013 Dear Sir,
In ay 2012-13, tds was 600/- on the payment of 6000/- u/s 194J. This was the gross receipt of the assessee and due to short amount of tds assessee did not file return for the same. In the Ay 2013-14, tds is Rs. 20000/- on the payment of Rs. 2 lacs.

Whether in return of ay 2013-14, assessee can claim tds deducted in ay 2012-13.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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29 July 2013 .
As the assessee did not file the return for AY 2012-13 he can not claim Rs. 600/- TDS in AY 2013-14.
.
As such Rs. 600/ a short amount in AY 2012-13, has reduced to Zero due to non filing .
.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 July 2013 I think you can take an attempt. Fill the amount in TDS schedule in the column "Financial Year in which TDS is deducted" fill 2011 for Financial Year 2011-12.

It is an experiment on my side. Try it may just work. You have nothing to loose.

On the other side belated return of AY 2012-13 can still be filed till 31.03.2014 but it is not advisable to file the same for refund of Rs 600/- as a penalty of Rs 5000/- may be levied by AO u/s 271F.

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2013 Whether the Penalty u/s 271f can be levied even the income is below exemption limit?

Ganeshbabu K

Ganeshbabu K (Expert)
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30 July 2013 penalty 271F will not be applicable if your income before chapter VIA deductions is less than basic exemption limit

in short 271F penalty will be applicable on those who are required to file return under section 139(1)

Ramakrishna

Ramakrishna (Expert)
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31 July 2013 Tds can be claimed only in the respective year in which the relevant income has become taxable. The deductor in this case is a bank which must have in all possibilities filed their e-tds returns. In such case, the reveipt of Rs.6000/- must have been invluded in the 26AS for AY 2012-13. Thus, I feel there is no way of offering the income as well as TDS in the next year.

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