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First beneficiary of unclaimed tds.

TDS 263 views 6 replies

If the assesse does not have any tax liablility and forgets to claim TDS in a particular year where he is not able to revise his return.

Who is the first beneficiary of this TDS

a)Govt -IT dept  b) deductor. or c) assesse has some claim

 

Replies (6)
Govt. IT Department

Why it should not be assesse? Bcoz it is extra tax paid thro deductee and on par with advance tax.

If the assesse does not have any tax liablility the Govt-IT should inform the assesse at least that assesse's claim will be over from such and such date. (Like the dividend -after 7  years it goes to Education fund)  

Somebody told 20k crores TDS is lying unclaimed and Govt has kept in different account. they are also not using it    .

20k is laying with them because no one claim them if you want your money back then a simple process revise your return.
Based on your question,
a) Govt - IT Dept...
But, Question is no more logic.
Bcoz,
The assessee is forget/unclaim/not willing is can't available. Bcoz,, ITD ll be raised notice automatically by system. The assessee ll be reply the notice....

Thats what i am hinting at.

Govt should not be happy about the 20k TDS which is unclaimed.

But worry about

a) Deductor taken ficticious claims of  2 lakh crore(may be less depending on %)  expenses

OR

b) Dedutee's income of 2 lakh crore which has escaped income tax nose.

In my case it is a question of mercantile vs Cash basis of accounting and migrating  from physical filing of return to online - it was totally forgotten. 


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