Income Tax : Learn how to use Form 29D to claim a refund of tax deducted under Section 195 for non-residents. Find out about the recent amendme...
Income Tax : The answer is 'NO' there is no such provisions in the Income tax Act /rules to adjust the same by assesee himself. If the excess i...
Income Tax : You are required to file your income tax return in case your gross total income exceeds the amount of the basic exemption limit. Y...
Income Tax : If a deductor has deposited excess amount of TDS , the procedure for getting refund was given in Board Circular 285 dated 21-1-198...
Income Tax : We can easily avoid Defaults in TDS statements, by way of adherence to the following basic principles: · Timely Payment of total ...
Income Tax : Section 199 read with rule 37BA deal with the provisions in regard to granting credit for tax deducted. However, there are a numbe...
Income Tax : Petition has been filed seeking a direction to the respondents to remove technical glitches and enable the TRACES portal so that p...
Income Tax : Respondents have denied refunding the TDS on the ground that the refund would only be granted when the TDS matches with the detail...
Income Tax : CBDT has vide notification No. 45/2017 notified that claim for refund of TDS paid can be furnished by the deductor in Form 26B ...
Income Tax : The procedure for refund of tax deducted at source under section 195 of the Income tax Act, 1961, to the person deducting the tax ...
Learn how to use Form 29D to claim a refund of tax deducted under Section 195 for non-residents. Find out about the recent amendments and ease the process.
The answer is ‘NO’ there is no such provisions in the Income tax Act /rules to adjust the same by assesee himself. If the excess is related to perriod up to 31.03.2010 then Assesssee can claim refund of the same as per the provisions of CIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011 . Detailed analysis of the same can be seen on the link given below:-
Petition has been filed seeking a direction to the respondents to remove technical glitches and enable the TRACES portal so that petitioner can file its refund application for the excess Tax Deduction at Source (TDS) deposited by it.
You are required to file your income tax return in case your gross total income exceeds the amount of the basic exemption limit. You can file your return of income for claiming refund of taxes even if your income does not exceed the exemption limit due to TDS or payment of advance taxes .
If a deductor has deposited excess amount of TDS , the procedure for getting refund was given in Board Circular 285 dated 21-1-1980. Now CBDT has issued new circular in this respect.
CBDT has vide notification No. 45/2017 notified that claim for refund of TDS paid can be furnished by the deductor in Form 26B electronically under digital signature or verified through an electronic process.
The procedure for refund of tax deducted at source under section 195 of the Income tax Act, 1961, to the person deducting the tax is delineated in CBDT Circular No. 7/2007 dated 23.10.2007. Circular No. 7/2007 states that no interest under section 244A of the Act, is admissible on refunds to be granted in accordance with the circular or on the refunds already granted in accordance with Circular No. 769 or Circular 790 dated 20.4.2000.
Section 199 read with rule 37BA deal with the provisions in regard to granting credit for tax deducted. However, there are a number of situations, where in actual practice, it becomes extremely difficult or at times, even virtually impossible for the person entitled to claim credit for tax so deducted.
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 TDS amount.
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
