Tds to be claimed in which year ?
Querist : Anonymous
Que. (1) : If a small amount of Rs. 45 is deducted as TDS , by bank, and that individual's total income is under exemption limit, then, will these Rs. 45 be refundable or not.?
Is there any minimum limit, to get refund ?
How much is that minimum amount, on exceeding which , the refund is receivable ?
Que : (2)
A bank F.D. is opened in FY 2015-16 and
The Interest Certi. for FY 2015-16 says that, TDS is deducted by bank in FY 2015-16, on this FD.
But, this FD is to be matured in FY 2016-17. And the whole Interest amount is to be received on maturity only.
In this case, when to claim TDS deducted in FY 2015-16, by bank ?
In AY 2016-17,while filing return of FY 2015-16?
OR
In AY 2017-18, while filing return of FY 2016-17?
Because, FD is maturing in FY 2016-17 and interest is to be received on maturity only.
Please, share your opinion.
Thanks.
Ans 2. Follow the Cash Basis i.e. treat your income once you receive the Interest. Hence show the Income in FY 16-17.
Still feel difficulty ..write me back!!
All the Best!
Querist : Anonymous
Thanks for your guidance.
Now,
The income of interest is to be shown in FY 2016-17, as per cash basis.. It is for sure.
Because, the FD is maturing in FY 2016-17. No doubt is there about it. It is clear.
But,
The confusion is,
When to claim the TDS deducted on this FD , in FY 2015-16 ?
In which Year ?
In AY 2016-17, while filing return of FY 2015-16 ?
OR
In AY 2017-18, while filing return of FY 2016-17 ?
Please, guide.
Solve the confusion.
Thanks.
Take the interest figure and TDS from this and fill this ITR!!!
Other concern contact me on my mail m10manish@rediffmail.com
Click here to login now
Similar Resolved Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- ADVANCE PAYMENT OF ADVOCATE
- Eway bill not cancelled within 24 hous what can be due
- DIN reactivation
- TDS Return Q1 FY 2026-27
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
