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TDS for Bank Transaction

19 January 2021

When my client receives RS.4000000.00 from his bank account Rs. 150000.00 Captured as TDS Is there a way to return it in 2021.22?

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10 Replies

CA Rashmi Gandhi (Chartered Accountant) (86490 Points)
Replied 19 January 2021

Only by filing IT Rrturn

1 Like

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ayusmita (Tax consultant) (5890 Points)
Replied 19 January 2021

File appropriate itr and claim TDS which are deducted as refund after paying tax liability if you have occurred in that period

1 Like

sabyasachi mukherjee (27781 Points)
Replied 19 January 2021

This is a wrong perception.
The querist has not mentioned anything about how Rs. 40 lacs got credited to the bank account.
More information is required.

CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 19 January 2021

Itr should be filed and then claim tds while filing itr

Kapadia Pravin (17264 Points)
Replied 19 January 2021

For all TDS deductions under various sections, ITR has to be filed to get refund if any and first to adjust against tax payable amount.

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Krishna Chaudhary (Accountant) (4531 Points)
Replied 19 January 2021

File your itr and take refund of your TDS

4 Like

Kapadia Pravin (17264 Points)
Replied 23 January 2021

You have to file ITR and show TDS credit claim alongwith corresponding income. Tax payable on Total income as reduced by TDs Adv Tax will either be refund or SA Tax