Tds challan refund.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 December 2014
Hi,
My query is our company has deposited Rs. 2lac TDS u/s 195 in FY 2013-14 for outward remittance. But before remittance invoice got cancelled,Out of this Rs.22k TDS amount is adjusted against some other party invoice now there is excess deposit of Rs. 1.72 lac . when we contacted TRACES center earlier they told that currently TDS refund facility is disabled so you can claim amount when it is enable. But when for long time this facility is not enabled we contacted them again now their reply is u can claim/adjust this challan in current FY and against any section.
I want to know is this correct , if yes is there any notification or rule regarding same.
My query is our company has deposited Rs. 2lac TDS u/s 195 in FY 2013-14 for outward remittance. But before remittance invoice got cancelled,Out of this Rs.22k TDS amount is adjusted against some other party invoice now there is excess deposit of Rs. 1.72 lac . when we contacted TRACES center earlier they told that currently TDS refund facility is disabled so you can claim amount when it is enable. But when for long time this facility is not enabled we contacted them again now their reply is u can claim/adjust this challan in current FY and against any section.
I want to know is this correct , if yes is there any notification or rule regarding same.
20 December 2014
Good news for all deductors ,Tin-NSDL has released New FVU 4 which is mandatory wef 01.10.2013.In New FVU version 4.0 new validations has been added .However a new validation provided under this FVU 4 is beneficial for deductor, under which Deductor can also insert challan deposited in immediate previous financial year .
Suppose you are filing e-tds return for financial year 2013-14 ,then you can also enter challan deposited in immediate previous financial year i.e FY 2012-13 .All challans deposited after 01.04.2012 can be entered in etds returns filed /to be filed in Fy 2013-14.
No Backing up of new changes by Income Tax rules/Act :This is major relief for deductors as getting refund from income tax authorities is like putting toothpaste back in tube.This amendment has been done without any changes in Income tax rules/Act so has no legal backing, however as it is relief measure assessee can avail without any doubt . But without backing of rules ,department can back track from it.We hope as department intention is clear ,we will see required changes in rules in coming days.
Suppose you are filing e-tds return for financial year 2013-14 ,then you can also enter challan deposited in immediate previous financial year i.e FY 2012-13 .All challans deposited after 01.04.2012 can be entered in etds returns filed /to be filed in Fy 2013-14.
No Backing up of new changes by Income Tax rules/Act :This is major relief for deductors as getting refund from income tax authorities is like putting toothpaste back in tube.This amendment has been done without any changes in Income tax rules/Act so has no legal backing, however as it is relief measure assessee can avail without any doubt . But without backing of rules ,department can back track from it.We hope as department intention is clear ,we will see required changes in rules in coming days.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Gift of mutual fund units to daughter
- PPF interest-As Exempt Income disclosure
- Upload Level ValidationITR3Category of Defect B/D
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Not able to file ITR
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
