Tds by deputy collector

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Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2011 If a farmer receives a compensation of Agricultural Land by Special Land Acquisition Officer, issues F16A, How it will refund, in which section is to be mention in the Form No ITR4.

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2011 What is procedure to claim of refund, TDS u/s194LA. How is the process of proper Income tax Return.

Rajagopalakrishnan R

Rajagopalakrishnan R (Expert)

22 September 2011 Although 194LA has exempted the acquisition fo Agricultural property from TDS, many a times we find that Deputy Collectors and Tahsildars are deducting tax on the compensation paid.
The proper method to claim refund would be as follows.
1. OBtain Form 16A from the DC.
2. Ensure that proper quarterly statements are filed by the DC office ( Usually the State Govt depats are notorius for non compliance of 24/26Q statements.
3. File in ITR 2, If there is no other income. The income would be nil as Capital gains on sale/acquisition of Agricultural property is exempt.Include the Capital gains under the EXEMPT INCOME column.
Fill the TDS details in the SCh: TDS correctly.
For good mesure a statement showing computation of capital gains and the fact that it is exempt and a copy of the TDS certificate can also be kept with the return. try to file the return on time so that prompt refund is received

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