TDS Credit

How can we check our TDS Credit?

Income Tax - We are always worried about the fact that whether our TDS deductor/collector has filed quarterly TDS/TCS statement and provided our PAN while filing the TDS/TCS return. NSDL has recently launched a facility to enable deductee to know whether or not his TDS deductor/collector has filed quarterly TDS/TCS statement and provided his PAN while...

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Check TDS credit status online

Income Tax - The consolidated annual tax statement in Form 26AS is now available to PAN holders. The endeavour is to streamline and synchronise the tax paid/deposited under each PAN and identify and resolve discrepancies, if any, at an early stage. Discrepancies could arise due to reasons like incorrectly quoted PAN/non-filing of TDS returns/non-depos...

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Check TDS/TCS tax credit in form 26AS & reason for mismatch

Income Tax - If you are a taxpayers, you need to check your Form 26AS to ensure the tax deducted at source (TDS) is reflected correctly in the income tax records. Form 26AS is a consolidated tax statement issued under Rule 31AB of the Income Tax Rules to PAN holders. This statement will include details of:...

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Simple ways to avoid Defaults in TDS Statements

Income Tax - We can easily avoid Defaults in TDS statements, by way of adherence to the following basic principles: · Timely Payment of total taxes deducted/ collected · Correct Reporting with regard to PANs, Tax Rate and Challans · Complete Reporting for all Deductees · Timely filing of TDS Statements...

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Sec 199 –Does the method of accounting impact the year of TDS credit?

Income Tax - The assessee is a firm and engaged in business of financing and follows cash system of accounting. It gave a loan to a company on interest. The borrower while crediting the interest deducted TDS and issued TDS certificate. The assessee claimed the credit of TDS without offering the corresponding income to tax . The AO disallowed the clai...

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Furnishing of supporting evidence mandatory to claim TDS credit in absence of TDS certificate

DZ Bank Vs DCIT (International Taxation) (ITAT Mumbai) - Held that in absence of TDS certificate, assessee has to furnish any other evidence to support deduction of tax at source by the payer of income. TDS credit denied for failure to furnish any other supporting evidence...

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TDS credit, not eligible in the year under consideration, allowed in the year tax deducted

Centrum Microcredit Limited Vs ADIT (ITAT Mumbai) - Held that if assessee is not eligible for credit in the year under consideration then credit for the same should be allowed in the year in which tax has been deducted by the deductor....

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Cash system vis-à-vis TDS credit adjustable in the year of receipt

Chirag M. Shah Vs ITO (ITAT Ahmedabad) - Chirag M. Shah Vs ITO (ITAT Ahmedabad) It is observed that it is crystal clear that there are provisions under the IT Act; namely, section 199 of the IT Act, 1961 and Rule 37BA of the IT Rules, 1962 and the proper mechanism is also provided under the Act and Rules. Thus, respectfully following the [...

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TDS Credit eligible in year in which Assessee shows relevant Income despite credit appearing in 26AS of next Year

Mahesh Software Systems Pvt. Ltd. Vs ACIT (ITAT Pune) - The issue under consideration is whether TDS will be granted in the year in which assessee has recorded the corresponding income even if the deposit of TDS is in next financial year?...

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TDS can be granted only in year in which income on which such TDS is assessable to tax

ACIT Vs. M/s Rahee Jhajharia E to E JV (ITAT Kolkata) - As per Section 199(3) of Income Tax Act, 1961 read with Rule 37BA(3)(i) and (ii) of Income Tax Rules, 1962 TDS can be granted only in the year in which the income/receipt on which such tax deducted at source is asses sable to tax....

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TDS credit to be allowed if difference with AS-26 do not exceed Rs. One lakh

Instruction No. 01/2012 - (02/02/2012) - Instruction No. 01/2012 The issue of processing of returns for the Asst. Year 2011-12 and giving credit for TDS has been considered by the Board. In order to clear backlog of returns, the following decisions have been taken: (i) In all returns (ITR-1 to ITR-6), where the difference between the TDS ...

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Guideline for issue of credit of TDS claimed when TDS not Matching with 26AS for returns of A.Y. 2010-11

INSTRUCTION NO. 2/2011 - (09/02/2011) - INSTRUCTION NO. 2/2011 The issue of processing of returns for Asst. year 2010-11 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 returns (ITR-1 to ITR-6), where the difference between the TDS ...

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Recent Posts in "TDS Credit"

Furnishing of supporting evidence mandatory to claim TDS credit in absence of TDS certificate

DZ Bank Vs DCIT (International Taxation) (ITAT Mumbai)

Held that in absence of TDS certificate, assessee has to furnish any other evidence to support deduction of tax at source by the payer of income. TDS credit denied for failure to furnish any other supporting evidence...

Read More

TDS credit, not eligible in the year under consideration, allowed in the year tax deducted

Centrum Microcredit Limited Vs ADIT (ITAT Mumbai)

Held that if assessee is not eligible for credit in the year under consideration then credit for the same should be allowed in the year in which tax has been deducted by the deductor....

Read More

Cash system vis-à-vis TDS credit adjustable in the year of receipt

Chirag M. Shah Vs ITO (ITAT Ahmedabad)

Chirag M. Shah Vs ITO (ITAT Ahmedabad) It is observed that it is crystal clear that there are provisions under the IT Act; namely, section 199 of the IT Act, 1961 and Rule 37BA of the IT Rules, 1962 and the proper mechanism is also provided under the Act and Rules. Thus, respectfully following the […]...

Read More

How can we check our TDS Credit?

We are always worried about the fact that whether our TDS deductor/collector has filed quarterly TDS/TCS statement and provided our PAN while filing the TDS/TCS return. NSDL has recently launched a facility to enable deductee to know whether or not his TDS deductor/collector has filed quarterly TDS/TCS statement and provided his PAN while...

Read More
Posted Under: Income Tax |

Check TDS credit status online

The consolidated annual tax statement in Form 26AS is now available to PAN holders. The endeavour is to streamline and synchronise the tax paid/deposited under each PAN and identify and resolve discrepancies, if any, at an early stage. Discrepancies could arise due to reasons like incorrectly quoted PAN/non-filing of TDS returns/non-depos...

Read More
Posted Under: Income Tax | ,

TDS Credit eligible in year in which Assessee shows relevant Income despite credit appearing in 26AS of next Year

Mahesh Software Systems Pvt. Ltd. Vs ACIT (ITAT Pune)

The issue under consideration is whether TDS will be granted in the year in which assessee has recorded the corresponding income even if the deposit of TDS is in next financial year?...

Read More

Check TDS/TCS tax credit in form 26AS & reason for mismatch

If you are a taxpayers, you need to check your Form 26AS to ensure the tax deducted at source (TDS) is reflected correctly in the income tax records. Form 26AS is a consolidated tax statement issued under Rule 31AB of the Income Tax Rules to PAN holders. This statement will include details of:...

Read More
Posted Under: Income Tax | ,

TDS can be granted only in year in which income on which such TDS is assessable to tax

ACIT Vs. M/s Rahee Jhajharia E to E JV (ITAT Kolkata)

As per Section 199(3) of Income Tax Act, 1961 read with Rule 37BA(3)(i) and (ii) of Income Tax Rules, 1962 TDS can be granted only in the year in which the income/receipt on which such tax deducted at source is asses sable to tax....

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TDS Credit cannot be denied on the ground of Form 26AS mismatch

Rakesh Kumar Gupta Vs Union of India and another (Allahabad High Court)

Respondents have denied refunding the TDS on the ground that the refund would only be granted when the TDS matches with the details mentioned in Form 26AS. Since the mismatching is not attributable to the assessee and the fault solely lay with the deductor, we find that a case has been made out for grant of a mandamus for refund of the TD...

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Simple ways to avoid Defaults in TDS Statements

We can easily avoid Defaults in TDS statements, by way of adherence to the following basic principles: · Timely Payment of total taxes deducted/ collected · Correct Reporting with regard to PANs, Tax Rate and Challans · Complete Reporting for all Deductees · Timely filing of TDS Statements...

Read More
Posted Under: Income Tax | ,

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