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Tds refund for individuals
Dear All,
My friend working in XXX company as a distributor from last 3 years. His name K Murthy and he took the distribution business with other person name(Nagaraj), XXX company deducted the tds to Nagaraj from last 3 years and same is showing in incometaxefilling website. From last 3 years he did not claimed for tds and he did not file a IT return.
Now he wants to file a IT return.
My doubts are,
1) Can he get a full TDS from last 3 years.
2) Is there any penalty for not filling a IT returns from last 3 years.
3) The business transactions done in the KMurthy bank account.
pls let me clear my doubt if u r clever.
KISHAN GOWDA
9964339964
Replies (4)
You can file for a.y 2013-14 and 2014-15 and claim the TDS. If any tax payable then interest u/s 234A, B , C will be charged.
I am not sure for a.y 2012-13 . In my opinion , you need to meet your concerned Assessing officer and tell him to issue a letter for non filing of I.t return and then in response to the notice you can file the return manually. ( Please wait for other fellow members to answer for more clarity on your question )
1. currently you can file return for FY 2012-13 & 2013-14. for years before that contact AO to issue notice u/s 142(1)(i) and then you can file your return in response to such notice.
2. penalty for non filing of return is 5000 u/s 271F
3. tds has been deducted in the name and pan of nagaraj, then he can only claim such tds. KMurthy cant claim that tds even if such business transaction has been carried out.
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