Query reagrding tds

HELLO FRNDZ 

M HAVING A QUERY REAGARDING ...THERE IS A INCOME BY RENT OF RS. 540000 GIVEN TO A BANK ....BANK DEDUCTED OF RS. 57000 ON RS. 570000 AS PER THERE TDS RETURN ...

BT ACTUALLY ASSESSE RECD. 486000 NET OFF TDS 

IN THE I.TAX RETURN WAT I HV TO  DO 

 

PLZ SUGGEST 

 

THANKING YOU

Replies (4)

Firstly, get the TDS return filed by bank and get form 26AS corrected.

Secondly, if bank says that 570000 & 57000 is related to your client / you then your rental income will be 570000 & not 540000.

Income From House Property - 570000/540000

Less House / Property tax paid

Balance Income

Less 30% of above

Net Income From HP = 399000/378000

Tax on above

TDS 57000/54000

Refund Receivable = 

thank u so mch sir 

 

bt bank return says rs. 57000 tds deducted on rs. 570000

bt actually fact is rent recd. & in agreement it is rs. 540000 p.a.

then you go ahead with income as 540000

tds as 54000

file your return with above details.

 

 

Dear Sir 

Any arrears paid by the bank. Better ask them to give the TDS certificate in which they have mentioned the amount paid on month wise. Please gothrough that. 

From AY 13-14 onwards, TDS certificates need to be issued from traces site.

Please verify.

B Bala Pullaiah

 

 

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