Answers On Topic: credit for TDS
As i have income from salary as well as business income for AY 2023-24. I have offered the full salary as income and claimed the TDS inrespect of Salary. With regard to my business income my GST turnover was around 26 lakhs. But my clients have deducted TDS for Rs.34 lakhs which includes GST amount and advance I received from client. Hence I have offered the GST sales ie.Rs 26 lakhs as my receipts and from that offerd income u/s 44AD. And for balance amount i have carried forward the TDS to next year. But CPC allowed the tax xcredit…
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A public limited company has deducted tax at source on Dividend @15% for non submission of PAN. I have a PAN but it was omitted to be submitted to the Company. Is it possible to set off the TDS at the time of filing my Income tax Return? Do I Have to include the Dividend amount in my Return.
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DURING AY 2017-18, PROPREITORSHIP FIRM WAS CLOSED AND PVT LTD COMPANY WAS FORMED. ALL THE WORK/CONTRACT WERE EXECUTED AND UNDERTAKEN IN PVT LTD COMPANY, BUT THE CONTRACTOR DEDUCTED TDS IN INDIVDUAL/PROPRIETORSIP FIRM. THE INDIVIDUAL IN HIS RETURN HAS NOT OFFERED ANY CONTRACT INCOME AND ALSO NOT CLAIMED THE TDS REFLECTED IN HIS FORM 26AS. AND THE PVT LTD COMPANY HAS OFFERED ALL THE INCOME AND ALSO CLAIMED TDS WHICH IS REFLECTED IN FORM 26AS OF INDIVIDUAL. ASSESSMENT PROCEEDING U/S 143(3) OF PVT LTD COMPANY FOR SAID AY UNDERTAKEN, WHEREIN NO ADDITION WAS MADE AND RETURNED INCOME WAS ACCEPTED. BUT IN…
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From FY 2020-21, dividends declared by Indian companies have become taxable and the companies are required to deduct tax at source from such payment. However, in many cases, especially where shares are held in physical form, the shareholders could not furnish the PAN number timely and consequently, the companies have deducted the tax u/s. 206AA of the Income tax Act, 1961. Now the tds so deducted is not appearing in Form 26AS and hence, the shareholder is not able to claim credit of the tds amount. This is despite subsequently intimating the PAN to the Company and requesting for uploading…
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TDS Credit not Allowed by CPC for AY 2023-24