The following is the reply by S.RAJARATNAM in the English daily dt 19-09-2011 to a ? on late receipt of TDS.
I am reproducing the same for your information + clarification. It is I want to know If the Assessment Year 2008-09,instead of 2010-11 as said in answer.
“Belated issue of tax deduction certificate need not have been the cause for denial of tax credit, since credit is now given on the basis of return in Form AS 26 furnished in electronic media by the bank. If the bank f ails to report the same or the deduction is not connected to the assessee because of failure of the assessee or bank to record the correct Permanent Account Number (PAN) or because of the failure on the part of the system, it is open to the assessee to claim the same supported by belated tax deduction certificate in respect of the assessment order already received by the reader. I believe that what is referred by reader as the order of assessment should only be an intimation. Whether it is an intimation or an assessment such mistake coulb be subject matter of rectification under Sec.154, if an application is made along with the TDS Certificate now received. If what is received is only an intimation under Sec.143(1) , a revised return under Sec.139(5) can be filed for assessment year 2010-11 before March, 2012. Claiming the deduction, which the reader had forgotten to claim. However, the reader’s solution of claiming deductionin a next succeeding year is not correct because deduction relates to the return already filed. In fact, the corresponding income has also apparently been offered in the return already filed so that the assessee is entitled to claim deduction from tax only for assessment year 2010-11 or not at all.
I repeat that I expect you to answer this if the Assessment Year had been 2008-09, and or 2009-10 as I have good no. of cases who fall in this category. The above answer is by an expert S.Rajaratnam pertain ing to the A.Y. 2010-11.
Of course you can also suggest if the Assesses are ready to donate the same to Arvind Kejriwal or Anna Hajare Can they do it. ? re the legal ways.
CAclubindia
