TDS on property refund

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This query is : Resolved

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If you filed your AY 20-21 IT return claiming TDS on property sale but didn't receive a refund due to the credit appearing late in your 26AS, you might still be able to claim it. While the revised return deadline has passed, you can apply directly to your jurisdictional Assessing Officer. It's also important to confirm with the buyer why the TDS was delayed, as they are responsible for deducting and depositing it, not the bank. You may also be able to file a rectification under section 154 for tax credit mismatch.

Ashok Kumar DAWAR

Ashok Kumar DAWAR (Querist)

09 July 2021 I filed IT return for AY 20-21 last year in form 1 and claimed TDS on sale of property.26AS did not show TDS credit at time of filing of return because bank might not have deposited in time.Now 26AS for AY 20. -21 shows TDS credit.But after tax assessment no refund was issued. How can I claim TDS?Which form for revised return and under which section?Thanks

Deepa B

Deepa B (Expert)

09 July 2021 Due date to file revised return for AY 20-21 has ended on 31.3.2021. But as the due date was extended till 31.5.2021 due to pandemic there was an option to file returns in the portal. But now I don't think portal permits revised return filing for said AY.
Therefore submit an application in this regard to the jurisdictional Assessing Officer and take it up with them.
Also a small correction in the understanding. In case of TDS on sale of property, the buyer would have deducted the TDS. So it needs to be deposited and filed by the buyer and bank has no role in this. Kindly check with the buyer reasons for delay.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

10 July 2021 File rectification under section 154 under tax credit mismatch. Time limit is 4 years from the date of intimation. Check new portal allowes rectification if not wait for some time till full functionality of portal.

Ashok Kumar DAWAR

Ashok Kumar DAWAR (Querist)

18 July 2021 Thanks ,please inform when portal is fully functional

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