Tds u/s 194j

Good Morning All

Assessee is sportsperson and received fees after deduction of TDS U/s 194 J per match.. Total fees received is less than Minimum Exemption Slab.. My query is dat whole amount of TDS will be refunded or not?? ITR-4 needs to be filed?? what is the last date of filing the return?? any requirement of maintainance  of Books of Accounts??

Kindly Clarify

Warm Regards

Replies (10)

File ITR-4 and can get refund of TDS deducted U/s 194J.

No books of accounts to be maintained since the gross receipts or net income below the exemption limits.

Last date of Filing return for the AY 2012-13 is 31st August, 2012.

thanks a lot Sir

YES I M AGREE SUBHASH SIR

Returns ITR IV to be filed and refund of TDS can be got U/s 194 J

ya  u  r right

I AM AGREE WITH SUBHASH SIR

OUR COMPANY  IS TAKEN LOAN OF RS 50 LACS (UNSECURED) & 2 CRORE(SECURED) LOAN FROM FINANCIAL INSTITUTION AND WE PAID SUPPOSE 8 LAC INTERSET IN 50 LAC & 10 LAC INTERSET IN 2 CRORE LOAN....IS TDS IS APPLICABLE FOR FINANCIAL INSTITiONS?

 

 

 

Interest receipt on Loand and advances and Interest payments on Deposits  are main business of the Banking and Financial insitutions.

Hence  receipt of interest on Loans and advances by financial institutions are outside the perview of TDS provisions till date and not covered undet the Income tax Act. 

 

BUT THE FINANCIAL INSTITUTE (RELARE) AUDITOR SAID PLEASE DEDUTED TDS ON INTEREST..

 

TDS need not to be deducted if paid to:

Any banking company ti which the Banking Regulation Act, 1949, applies or any Co-operative society engged in carry on the businees of banking under approval of RBI Rules

 

 

Make sure that the Financial Institute is nationalised bank or it is banking company which is required to follow RBI rules.

 
Thus if there is NBFC then TDS is required on interest of loan

 

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