LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Tds credit of previous year

sanjeev goski (AM Accounts & Finance) (125 Points)

11 December 2019

Can we claim tds deduction of fy 18 19. in fy 19 20?. If yes what is the period limit?.

Reply
Follow
Share

7 Replies

Kapadia Pravin (17249 Points)
Replied 15 December 2019

Usually you have to claim as per AY of 26AS

Have you shown income related to TDS in FY 2018-2019

You can still file revised return for FY 2018-2019 and claim TDS simply. No need to take it to next year.

Why do you want to claim in FY 2019-2020 ?

Ritwick Bhanusali (student) (122 Points)
Replied 16 December 2019

Yes, it can be claimed in next AY provided the corresponding income offered to assessment in that particular year.

sanjeev goski (AM Accounts & Finance) (125 Points)
Replied 16 December 2019

My customer revised his tds return n shown tds to my pan, by that time my 1819 return processed. income i m showing in fy 1920.

Kapadia Pravin (17249 Points)
Replied 16 December 2019

No issues. Even if your return is processed, you can still file revised return for FY 2018-2019 (relating to AY 2019-2020) upto 31-3-2019 (without any late fee) and claim left out TDS amount.

This revised return will be assessed again and refund will be granted to you.

Do not mess up by carrying to next year.

sanjeev goski (AM Accounts & Finance) (125 Points)
Replied 16 December 2019

I dont want to revise. can i claim it in 19 20?

Kapadia Pravin (17249 Points)
Replied 16 December 2019

No, you can not claim it in fy 19 20

CA Arun Tiwari (Partner) (4230 Points)
Replied 17 December 2019

No, As per Income Tax rules, TDS of one financial year should be claimed in that FY only. If you forget to claim TDS in that FY then you’ll lose the benefit of that and you have to pay additional Tax.

However, In any case if you forget to claim TDS in your ITR then you have to file Revised return of same financial year and must claim TDS in that only. Revised return can be filed before 31st March.