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Deposit of TDS by Tenant after filling of I T Return and 143 Assessment.

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Debankur Mukherjee

28 Points Posted on 10 November 2022

Dear All,

One of our tenants will deposit the TDS on Rent for the Financial Year 2021-2022 after filling of the I T return and assessment under Section 143(1) and issue of refund order by the CPC.

How will I account for the late TDS submission by the Tenant as I will be getting a refund of the amount from CPC.As From 26AS will be updated after assessment undersection 143(1) by the CPC.

An early reply will be highly appreciated.

Thanks.

Replies (8)

Quick Summary

This discussion addresses the accounting implications when a tenant deposits TDS on rent after filing their Income Tax return and undergoing Section 143(1) assessment. The tenant will receive a refund from the CPC, and the query centres on how to handle this late TDS submission, especially as the 26AS will be updated post-assessment. Suggestions include filing a revised return for the same assessment year, provided the deadline hasn't passed, or issuing a TDS certificate for the deducted tax.

montu vyas

46 Points Posted on 10 November 2022

I think you can claim in next year or revised return

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121534 Points Posted on 10 November 2022

Better to file revised return and claim additional refund for the same ass. year.

Debankur Mukherjee

28 Points Posted on 10 November 2022

But the time period to file revised return may be over and moreover 143 assessment done by CPC.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121534 Points Posted on 10 November 2022

You can revise return on or before 31.12.2022, even if 143(1) is over.

Debankur Mukherjee

28 Points Posted on 10 November 2022

Thanks a lot for the reply. If the tenant does not deposit the TDS before 31.12.2022 then what will happen ? I will not be able to file the revised return before 31.12.2022.

Regards.