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Qurey urgent

lucky (accountant) (24 Points)

07 June 2012

Can we claim for payment on behalf of TDS deposited by client.

Actually case is - we had done clients job/advertisement in fy 2009-10 and 2010-11 and party has released us part payment against our invoices and they had deposited TDS on whole invoices. Now they are not releasing balance payment. can we claim for part payment against TDS deposited by party.

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9 Replies

Varuna (CA Student) (102 Points)
Replied 07 June 2012

You must have already claimed the TDS amount in your return of income, when filing return of income of A.Y. 2010-2011, and 2011-12

Yogesh Kumar (Job) (180 Points)
Replied 07 June 2012

as per my understanding you can take the credit of the TDS amount in income tax return.

But it will be better if you can elablorate what you exactly want to do.

Srinivas (Finance & Accounts) (107 Points)
Replied 08 June 2012

Pls Check your Form 26AS which shows your entire TDS account, how much amount you have in your PAN, that can be claimmable by you.

Giriraj (Assistant Manager) (35 Points)
Replied 08 June 2012

If it is showing in your Form 26AS then you can claim it, else not.

CA Srujann kumar Reddy (Asst Manager(Internal audit)) (1679 Points)
Replied 08 June 2012

M/S lucky,

as you have already filed the income tax returns for the year of 2009-10,2010-11 while filing all the info of TDS might have taken into consideration and as you have claimed there and got tax liability or refund then now you cant claim back.............

amit kumar agarwal (practice) (67 Points)
Replied 08 June 2012

A ltd purchased 10000 share in B ltd and B ltd provide loan to A ltd amy 3575000 .is ths possible?? and wat are the law say??

CA Vineet Dubey (Accounts) (160 Points)
Replied 08 June 2012

@ giriraj: 26AS IS enough to claim .

yuvak (Practising CA) (144 Points)
Replied 09 June 2012

Hi,

If you account for the 'Receipts' on gross basis, then fine, otherwise, there is a problem, especially in view of Section 199 read with Rule 37BA. It say that only that amount of TDS can be claimed as Credit where corresponding income has been offered to tax in the relevant AY.

Cheers

CA Srujann kumar Reddy (Asst Manager(Internal audit)) (1679 Points)
Replied 12 June 2012

Dear Amit kumar JIii,

Here you said that A Ltd has invested 10,000 shares in B Ltd and B Ltd has given a loan of Rs.35,75,000/- to A ltd

Here the applicable sections of the act are:

A----------------------> B in the form of shares 372A inter corporate investments will apply

internally in A ltd to directors section 297,299,300(if public comp) will apply and

B--------------------->A in the form of loan Sec 372A will apply so please go through them and i will provide the pure understanding of the topic soon

dont go near section 295 why because sec 295 says it is for loans to DIRECTORS but not to companies