TDS U/s 194N refund

Mallesh B (Tax practitioner) (30 Points)

11 June 2021

TDS has Made U/s 194N( Cash Withdrawals) can be reflected in Form 26AS , and can we get refund this TDS?

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9 Replies

Sivaramaraju G (Learner) (2397 Points)
Replied 11 June 2021

Of course you will get refund by filing income tax return.

CA. Sourav Sarkar (Chartered Accountant ) (24573 Points)
Replied 12 June 2021

Yes TDS will be shown in 26AS and you can get credit of such TDS

CMA Poornima Madhava (CMA) (13097 Points)
Replied 12 June 2021

You can get refund of such TDS provided you have no other tax liability. If there is any other liability, this TDS credit will be adjusted against such liability and you will be required to pay the balance tax.

Susmita Dutta, CA , CPA (CA ) (2141 Points)
Replied 12 June 2021

You will get the refund after filing the Income tax returns...

vijaya kumar D (8 Points)
Replied 19 June 2021

Hi am salaried government employee

for financial year 2020-2021 i withdrawl more than 20 lakhs from bank and TDS from bank about 11675 rupees and it is showing in 26AS also i e amount credited 583647 rupees and tax deduct u/s 194N is 11675 rupees

Am trying to fill ITR 2 as ITR 1 not applicable for me

and i filled all datas but as soon validated i got error message

"Tds claimed but correspondence income has not offered for taxation

as per error if i add that amount credited in my income then am not able to refund by TDS which is deduct under section 194N

please helpme

Attached File : 3427824 20210619154435 img 20210619 051531.jpg downloaded: 55 times

CMA Poornima Madhava (CMA) (13097 Points)
Replied 19 June 2021

There seems to be an error in the utility/form itself. There is no income to offer against deduction of tax u/s 194N.

vijaya kumar D (8 Points)
Replied 19 June 2021

thnq for your reply mam,,may be it ll resolve from IT Department soon,,

vijaya kumar D (8 Points)
Replied 30 June 2021

Now ITR 2 is available in online mode ,, but same error showing,,, income has to been offered for taxation how can we get refund amount which is deducted u/s 194N ,,??no validation error.but for verification it is showing error