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?
Replies (10)
Quick Summary
If TDS has been deducted from your bank transactions, such as Rs. 150,000 on a Rs. 40 Lakh credit, the primary method to recover this is by filing your Income Tax Return (ITR). By correctly declaring your income and the TDS deducted, you can claim it as a refund or offset it against your tax liability for the financial year 2021-22.
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.
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