TDS CREDIT C/F SUBSEQUENT YEAR

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PRASHANT (Querist)
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26 August 2022 During the Financial Year 2017-18 TDS on Sale of Immovable Property deducted by purchaser on the basis of payments made by him to the seller. TDS Return submitted by the purchaser and accordingly issued Form 16B. The TDS is reflected to Form 26AS of FY. 2017-18. However the sale deed is executed in next financial year i.e. FY 2018-19. While submitting the return of Income for the F.Y. 2017-18 the seller has carried forward the TDS to next financial year and while submitting the return for the F.Y. 2018-19 seller has made the claim for refund. As the sale deed is executed in F.Y. 2018-19 seller has reported the income while filing the return for the F.Y. 2018-19. In this issue CPC has not taken the credit of TDS under Form 26AS pf F.Y. 2018-19. Due to the reason the refund is still not received.

Please guide / give the suggestions what to do for obtaining the refund.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 August 2022 It seems total payment was made in FY 2017-18, and hence there was no TDS entry in FY 2018-19. Whether the possession was given in FY 2017-18 or FY 2018-19?

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PRASHANT

PRASHANT (Querist)
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26 August 2022 Yes the possession in given in FY 2018-19

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 August 2022 When the capital gain was offered? Whether any exemption claimed?

PRASHANT

PRASHANT (Querist)
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26 August 2022 Yes, Gain adjusted towards brought forward losses.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 August 2022 When was the assessment order received for AY 2019-20? (FY 2018-19)

PRASHANT

PRASHANT (Querist)
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26 August 2022 DURING FY 2021-22 ASSESSMENT COMPLETED

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 August 2022 You should have filed appeal within 30 days of the order.
Now file rectification request u/s. 154 of the act, and see the result.

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PRASHANT

PRASHANT (Querist)
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27 August 2022 The assessment order in which capital gain not adjusted by A.O. towards the b/f losses. I have filed rectification application but the matter referred to local office by Faceless. The local office adjusted the gain but not done anything in respect of refund. I have proofs in writting which acknowledged by local office.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 August 2022 File rectification against the order for refund due.

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