Tds certificate

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 May 2012 Sir,
An assessee received TDS certificate for the Assessment Year 2011-12 in December 2011 and the assessee filed his returns for the Assessment Year 2011-12 before receiving TDS certificate without accounting the income of the TDS Certificate. The assessee file his returns after due date and before 31-03-2012 and paid the taxes. What is the solution for this? How to account this Income and TDS Certificate. whether an assessee can revise the return for AY 2011-12 or he can claim in AY 2012-13. Please give suitable solution clearly.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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31 May 2012 In case Intimation has not been received yet, you may revise the return by showing additional income and TDS amount.
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Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2012 Sir,
Thank you for your reply. Few days back I have received intimation u/s 143(1) stating that income tax is payable where there is no difference between their calculation and out calculation of tax except the self assessment tax. They are not accounted self assessment in their statement where as same amount is reflecting in 26 AS. Please give suitable solution.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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01 June 2012 If CPC has not considered self assessment tax paid by you, you should file a rectification application.

But first check that self assessment tax is appearing in Form 26AS as "F" (FINAL) and not "U" (Unmatched).

Also ensure that you have entered correct details of the challan and bank.

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2012 Sir,
Thank you as per your reply I have verified in 26AS in this self assessment is appearing
PART C - Details of Tax Paid (Other than TDS or TCS)but there is no option of F/U. So please give reply whether can I revised the return taking in to the Income and TDS amount for the same period

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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01 June 2012 1. Since the return is a belated return, you cannot revise the same.

2. In such a situation benefit u/s 155 (14)is available which provides that if claim of TDS is not allowed becuase TDS certificate was not furnished, then the intimation may be rectified to allow the claim.

However, it also stipulates that SUCH income (TDS of which was not allowed) should have been declared in the return.

Since you have not declared the income you cannot avail benefit u/s 155(14).

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