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Claiming TDS OF OLDER YEARS

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Venkatraman

Finance Controller

43 Points Posted on 24 May 2021

Please can I request your inputs on the below scenario.

Co. A has paid all the invoices of Supplier X without deducting any TDS. They identify their mistake and quickly calculate the amount of TDS and deposit the same with the Taxman against the Suppliers name. Meanwhile the Supplier unaware of this process files his IT Returns and pays taxes on the income received.

Question is can Co. A now claim for the TDS deducted and deposited with Taxman?

Is there any time limit for Co A to submit their application for recover of TDS? Or is it to be written off by A?

Replies (4)

Quick Summary

This discussion explores whether a company can reclaim Tax Deducted at Source (TDS) that was mistakenly deposited for older financial years. Participants discuss the possibility of revising Income Tax Returns (ITRs) to claim these amounts, even if the original due date has passed. Advice includes contacting IT authorities for permission to file a revised return or requesting the CPC to release the TDS as a refund, especially if the TDS amount is significant.

Jay Chichani

77 Points Posted on 24 May 2021

You can Revise your ITR and claim on it. Also ready all your records for scrutiny if IT query any coming on it.
If ITR due date is over then Request place on E Filing Website for filing ITR to IT Department and claim in ITR refund on it.

Venkatraman

Finance Controller

43 Points Posted on 24 May 2021

Originally posted by : Jay Chichani
	You can Revise your ITR and claim on it. Also ready all your records for scrutiny if IT query any coming on it.If ITR due date is over then Request place on E Filing Website for filing ITR to IT Department and claim in ITR refund on it.

Thank you for the quick reply. How about TDS filed for FY 2018-19, can these be claimed back. I was informed that you cannot claim TDS which are older than a Year. What is the correct procedure

Jay Chichani

77 Points Posted on 24 May 2021

Yes you can Revise ITR if IT Authorities allows you to file Revise Return by request to them since ITR due date is already exhausted

It is advisable to you that if TDS Amount is Neglible manner then ignore it but Amount is high then you place request to IT Department for Revised ITR