Question And Answer
Subject: Income and TDS – sec. 199 and 37BA
Querist: Manoj jain
Answered by:
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Date: April 2, 2022
Query asked by Manoj jain

Tds deducted from bills raised on HAM Project .Bills debited to w i p account shown in assets side .No sales or revenue receipt is there .Huge amount of tds deducted .whether the Sade tds is required to carry forward to next year till we receive annuity or can be claimed as refund on current assessment year? Or whether assesee can offer the income to the extent of TDS and claim the TDS every guide .

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As per section 198 of the Income-tax Act, 1961, the assessee can offer the income to the extent of the TDS and claim a refund of the same.

The Hon’ble ITAT – Mumbai Bench in the case of Shri Rangji Realties (P.) Ltd. v. ITO [2017] 82 456 (Mumbai) held that where in course of assessment Assessing Officer restricted allowance of TDS credited to extent of actual amount of rent received, in view of fact that amount of TDS corresponding to unrealised rent was also offered to tax under section 198 of the Act, assessee’s action was in accordance with provisions of section 199 of the Act and, thus assessee was eligible for seeking credit of TDS on entire amount.

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