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TDS return

rehan (audit assistant) (36 Points)

23 September 2010

if the company not Pay its tds Liability and not filing the tds return for the year 2009-10,If the its tds Liability & file tds return in current year what is interest and penalty.Can co file its return Quarter wise or not,if interest and Penalty impose its deductable or not

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Processing of returns of Assessment Year 2009-10 – Steps to clear backlog

Jul 23, 2010 Income Tax

In a move that will speed up the issuance of I-T refunds, the Income Tax department for the first time will accept all TDS credit and refund claims not exceeding3 lakh (Rs 300,000) and25,000, respectively, at the stage of processing of income tax returns itself.

The Central Board of Direct Taxes has communicated the order applicable for the assessment year 2009-10 to all the chief commissioners of Income Tax in various tax collecting ranges across the country.

"The I-T department has taken the step to fasten and streamline the process of issuing refunds. The order will be beneficial in view of the income tax returns filing, which will happen till this month end," a senior I-T officer said.

In all other remaining cases, the claims would be processed after proper verification, the officer added.

"In all the returns filed in ITR-1 and ITR-2 for assessment year 2009-10, where the aggregate TDS claim does not exceed3 lakh and where the refund computed does not exceed25,000, the TDS claim of the tax payer shall be accepted at the time of processing the return," the order stated.

ITR-1 deals with pensioners’ income and others, while ITR-2 deals with income from house property and others.

"In all the returns filed in forms other than ITR-1 and ITR-2 for the assessment year 2009-10, where the aggregate TDS claim does not exceed3 lakh and the refund computed does not exceed25,000 and there is 10 per cent matching of TDS amount claimed, the TDS claim shall be accepted at the time of processing of the return," the order added.

Instruction No. 5/2010 [F.No.225/25/2010-ITA-II], dated 21-7-2010

The issue of processing of returns for Asst. year 2009-10 and giving credit for TDS has been considered by the Board. In order to clear the backlog of returns, the following decisions have been taken:

(i) In all the returns filed in ITR-1 and ITR-2, for the Asst. Year 2009-10, where the aggregate TDS claim does not exceedThree lakh (3 lacs) and where the refund computed does not exceed25,000; the TDS claim of the tax payer shall be accepted at the time of processing of the return.

(ii) In all the returns filed in forms other than ITR-1 and ITR -2, for the Asst. Year 2009-10, where the aggregate TDS claim does not exceedThree lakh (3 lacs) and the refund computed does not exceed25,000 and there is 10% matching of TDS amount claimed, the TDS claim shall be accepted at the time of processing of the return.

(iii) In all remaining cases, TDS credit shall be given after due verification .

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