Tds receivable

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 November 2014 WHAT IS THE TREATMENT IF TDS RECEIVABLE REMAINS UNUTILIZED IN THE CURRENT YEAR
FOR EXAMPLE SAY
2011-12 TDS RECEIVABLE IS 150000
AND IT REMAINED AS OPENING BALANCE IN 2012-13 BECAUSE WE CANNOT UTILIZE IT IN 2012-13
SO IN 2013-14 WHAT WILL BE CORRECT TREATMENT FOR TDS RECEIVABLE 2011-12 OF Rs.150000/-.
STILL HAVE TO KEEP IT AS OPENING BALANCE OR CAN I DO IT DIFFERENTLY

Amol S Joglekar

Amol S Joglekar (Expert)
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21 November 2014 In fact, it is kept under receivable till the time the it is actually received. Make a separate account for each year;s receivable.

Rupesh Jain

Rupesh Jain (Expert)
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22 November 2014 when you file the return of income tax then you get the refund of tax if you have not received the refund then take status of assessment of that particular year.

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Amol S Joglekar

Amol S Joglekar (Expert)
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22 November 2014 TDS receivable 2011-12, TDS receivable 2012-13 and so on.. likewise the account heads are created so as to keep a close track on each year's TDS receivable

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Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2014 Amol ji
That,s it
No other option Sir

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2014 If in case of individual
IN 2012-13_X HAS TDS RECEIVABLE_Rs.14500/- AND IF THAT X HAS NOT FILED RETURN(HE IS NOT AWARE OF IT).
NOW IN 2013-14 CAN WE TAKE IT AS CREDIT AND FILE RETURN OF 2012-13.

THANKING U IN ADVANCE

Amol S Joglekar

Amol S Joglekar (Expert)
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22 November 2014 When is he going to offer the INCOME to revenue, 2012-13 OR 2013-14?

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2014 IN 2012-13

Amol S Joglekar

Amol S Joglekar (Expert)
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22 November 2014 In the same year he can claim the TDS

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2014 the question is in now can he file return of 2012-13 and can he claim tds receivable of 2012-13

Amol S Joglekar

Amol S Joglekar (Expert)
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22 November 2014 yes he can take the permission of the concerned ITO. The CIT may accord the permission. then he can file the return

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