18 months TDS

Hi all 

One of client's TDS for 18 months has been deposited in same assessment year. 

How to rectify this issue, please advise.

 

Replies (5)
Quick Summary
A client has mistakenly deposited 18 months of TDS within the same assessment year, when it should have been allocated across different financial years based on booking dates. The discussion explores how to rectify this error, ensuring income is declared in the relevant assessment year and TDS is claimed accordingly. Advice is provided on filing belated or updated returns for the 2023/24 and 2024/25 assessment years.

Based on date of booking the TDS has to be evoluated in different FYs. Income should be declared in relevant asessment year and TDS has to be claimed against the income.

Thank you so much sir. Assessment years are 2023/24 and 2024/25. Is it possible to file the returns now. 

Yes, for AY 2024-25, belated/Revised return can be filed till 15th January, 2025 (date extended by 15 days).

For AY 2023-24 updated return can be filed, if there is any tax liability.

Thanks a million sir 🙏

You are welcome.            

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