TDS Credit

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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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....

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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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New Rule on Tax Credit clarified person other then deductees who else can claim Tax Credit

Income Tax - Tax deducted at source (TDS) credit can now be availed by persons other than the deductees. This has been clearly articulated by the Central Board of Direct Taxes (CBDT) in a new rule on TDS credit availment. Bringing relief and certainty to taxpayers, the CBDT has also spelt out the situations and the procedure through […]...

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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 ...

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TDS Credit Right of Payee- The Refund Made To the Tax Deductor, Even If Wrongful, Has No Adverse Impact on the Rights of the Assessee

Lucent Technologies GRL LLC Vs. Deputy Director of Income Tax (ITAT Mumbai) - Learned CIT(A) erred in not directing the AO to unconditionally grant full tax credit to the appellant f or the taxes deducted at source by Reliance Infocomm Limited of Rs 24,41,58,046 and, consequently, grant refund of the said amount as the entire addition made by the AO was deleted by the CIT(A)....

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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"

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...

Read More

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 | ,

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 claim and matching TDS amount reported i...

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....

Read More
Posted Under: Income Tax | ,

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

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...

Read More
Posted Under: Income Tax |

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 claim and matching TDS amount reported i...

Read More

TDS Credit Right of Payee- The Refund Made To the Tax Deductor, Even If Wrongful, Has No Adverse Impact on the Rights of the Assessee

Lucent Technologies GRL LLC Vs. Deputy Director of Income Tax (ITAT Mumbai)

Learned CIT(A) erred in not directing the AO to unconditionally grant full tax credit to the appellant f or the taxes deducted at source by Reliance Infocomm Limited of Rs 24,41,58,046 and, consequently, grant refund of the said amount as the entire addition made by the AO was deleted by the CIT(A). - learned CIT(A) erred in not directin...

Read More

New Rule on Tax Credit clarified person other then deductees who else can claim Tax Credit

Tax deducted at source (TDS) credit can now be availed by persons other than the deductees. This has been clearly articulated by the Central Board of Direct Taxes (CBDT) in a new rule on TDS credit availment. Bringing relief and certainty to taxpayers, the CBDT has also spelt out the situations and the procedure through […]...

Read More
Posted Under: Income Tax |

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