Tds receivable

Save Share

This query is : Open

rajendra utpat (Querist)

22 October 2017 In assessment year 201516 AO found that assessee has claimed tds refund of rs 2 lacs which is actually pertian to income disclosed in return for AY 201415 and hence disallwed this tds credit of rs 2 lacs and invoke penalty u/s271(1)(c).Assessee explained to AO that deductor deduct tds in AY 1516 instead of AY 1415 and hence he claimed tds in AY 1516.
AO advice him to pay taxes so he will drop penalty proceedings and file rectification u/s 154
Now what assessee should do?
Can he file rectification u/s 154 for AY 1415 and claim the refund and pay taxes?
Should he file an appeal against penalty order?
Does claiming of tds receivable amount to concealment of income?any case laws is avilable

CA Ysil Karunai

CA Ysil Karunai (Expert)

22 October 2017 1. TDS receivable wrongly claimed is not a concealment of income.
2. File rectification for a.y. 2014-15 & claim TDS
3. Pay tax for a.y. 2015-16

For more query & discussions follow me on Twitter @CAysilkarunai

rajendra utpat

rajendra utpat (Querist)

22 October 2017 Dear sir
Thanks for your reply
Does assessee need to file an appeal against assessment order of ay 1516

rajendra utpat

rajendra utpat (Querist)

22 October 2017 Dear sir
Thanks for your reply
Does assessee need to file an appeal against assessment order of ay 1516