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 : Bombay High Court orders the revenue department to verify and process a TDS refund within three months, ensuring timely disposal a...
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 ...
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
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 governed by a specific provision in the Indian Tax Laws dealing with centralized processing of quarterly TDS statements. The refund for the period after 1 April 2010 will be granted based on data furnished in the statements, subject to rectification of apparent inconsistencies, without the requirement of a separate claim for 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 2010.
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 31 March 2010. The procedure for refunds for the period from 1 April 2010 is governed by a specific provision in the Indian Tax Laws (ITL) dealing with centralized processing of quarterly TDS statements. The refund for the period after 1 April 2010 will be granted based on data furnished in the statements, subject to rectification of apparent inconsistencies, without the requirement of a separate claim for refund.
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.
