TDS refund

Can excess TDS Paid for last FY can be adjusted against current FY

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 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 ...

Claim your Income Tax Refund for six years

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. 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 . ...

Procedure for Refund of Excess TDS Deducted/ Paid

Income Tax - If a deductor has deposited excess amount of TDS , the procedure for getting refund was given in Board Circular 285 dated 21-1-1980. Now CBDT has issued new circular in this respect....

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...

CBDT circular on refund procedure for excess TDS on payments to residents pertaining to the period up to 31 March 2010

Income Tax - Circular NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011 of Central Board of Direct Taxes (CBDT) on refund procedure for excess tax deducted at source (TDS) on payments to residents.The new Circular is applicable for refunds pertaining to the period up to 31 March 2010. The procedure for refunds for the period from 1 April 2010 is g...

View More TDS refund Articles

Obviate Hardships Arising In Relation to Claiming of Credit For Tax Deducted U/S. 199

Income Tax - 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....

View More TDS refund News

TDS Refund: Approach jurisdictional TDS Assessing Officer- HC

Clean Wind Power Kurnool Private Limited Vs DCIT (Delhi High Court) - 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....

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 ...

View More TDS refund Judiciary

CBDT notifies changes in Rules related to Refund of TDS

Notification No. 45/2017 [G.S.R. 554(E)] - (05/06/2017) - 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....

Excess of TDS deposited U/s. 195 eligible for Interest U/s. 244A

Circular No. 11/2016-Income Tax - (26/04/2016) - 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 gran...

View More TDS refund Notifications

Recent Posts in "TDS refund" | Total 13 Posts

Can excess TDS Paid for last FY can be adjusted against current FY

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 ...

Posted Under: Income Tax | Articles, Featured

TDS Refund: Approach jurisdictional TDS Assessing Officer- HC

Clean Wind Power Kurnool Private Limited Vs DCIT (Delhi High Court) -

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....

Posted Under: Income Tax | Judiciary | All High Courts, Delhi High Court

Claim your Income Tax Refund for six years

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 . ...

Posted Under: Income Tax | Articles, Featured

Procedure for Refund of Excess TDS Deducted/ Paid

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....

Posted Under: Income Tax | Articles

CBDT notifies changes in Rules related to Refund of TDS

Notification No. 45/2017 [G.S.R. 554(E)] - (05/06/2017) -

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....

Posted Under: Income Tax | Notifications, Notifications/Circulars

Excess of TDS deposited U/s. 195 eligible for Interest U/s. 244A

Circular No. 11/2016-Income Tax - (26/04/2016) -

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 o...

Posted Under: Income Tax | Circulars, Notifications/Circulars

Obviate Hardships Arising In Relation to Claiming of Credit For Tax Deducted U/S. 199

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....

Posted Under: Income Tax | News

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...

Posted Under: Income Tax | Featured, Judiciary | All High Courts, Allahabad High Court

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...

Posted Under: Income Tax | Articles, Featured

CBDT circular on refund procedure for excess TDS on payments to residents pertaining to the period up to 31 March 2010

Circular NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011 of Central Board of Direct Taxes (CBDT) on refund procedure for excess tax deducted at source (TDS) on payments to residents.The new Circular is applicable for refunds pertaining to the period up to 31 March 2010. The procedure for refunds for the period from 1 April 2010 is g...

Posted Under: Income Tax | Articles, Featured

Procedure for TDS refund

The Central Board of Direct Taxes has issued circular prescribing the procedure regulating refund of amount paid in excess of tax deducted and/or deductible in respect of payments to residents as covered under sections 192 to 194LA of the Income-tax Act. The Circular will be applicable for claim of refunds for the period upto 31 March 201...

Posted Under: Income Tax | Articles, Featured

CBDT issues new Circular substituting old Circular on refund procedure for excess TDS on payments to residents

A recent circular issued by the Central Board of Direct Taxes (CBDT), Circular No. 2/2011 [ F. No. 385/25/2010-IT(B)] (new Circular) dated 27 April 2011, outline the procedure for refund of excess payment of tax deducted at source (TDS) from payments to residents. The new Circular is applicable for refunds pertaining to the period up to...

Posted Under: Income Tax | Articles

Matching TDS data is big issue for Assessee and Department

Tax deducted at source (TDS) has become a problematic issue with the income tax department as in more than 50% TDS refund cases it is facing an uphill task in matching the data provided in the assessee’s income tax returns with the TDS deductor’s information available with the NSDL....

Posted Under: Income Tax | Articles