Tax is deducted at source at the time of payment or at the time of
credit, whichever occurs earlier, which brings in a very basic practical
issue. Now carry forward TDS deducted to the next year – Income Tax
Return Filing for FY 2013-14, with this amendment.
Suppose
a situation, wherein you receive advance payment or you have a contract
which would be serviced in 10 months, and you get full payment in the
month of March ( remember financial ends in March). Till last year, you
had to claim the full TDS in the relevant year, in which the TDS got
deducted, and claim refunds. And there may be situation, wherein you
would have to pay taxes in next year.
Thankfully, the government has understood this issue, and brought in a provision in the Online Income Tax Return Filing form, wherein you can actually carry-forward TDS and claim it in the next year.
Now carry forward TDS deducted to the next year – Income Tax Return Filing for FY 2013-14 . Read on ..
Matching Concept: Unclaimed TDS/TCS of earlier year can be claimed in current year
[ITR 1, 2, 3, 4, 5, 6, 7]
Certain provisions of TDS (including TCS) require deduction of tax at source at the time of payment or at the time of credit, whichever occurs earlier. Resulting advance payments are also subjected to TDS. Old ITR form did not have any mechanism to carry forward the excess TDS, thus, taxpayers were required to show the entire TDS as a deduction and claim refund of excess TDS. To fix the issues, the Schedule TDS/TCS introduces two new columns:
http://taxmantra.com/now-carry-forward-tds-deducted-to-the-next-year.html
Suppose
a situation, wherein you receive advance payment or you have a contract
which would be serviced in 10 months, and you get full payment in the
month of March ( remember financial ends in March). Till last year, you
had to claim the full TDS in the relevant year, in which the TDS got
deducted, and claim refunds. And there may be situation, wherein you
would have to pay taxes in next year.Thankfully, the government has understood this issue, and brought in a provision in the Online Income Tax Return Filing form, wherein you can actually carry-forward TDS and claim it in the next year.
Now carry forward TDS deducted to the next year – Income Tax Return Filing for FY 2013-14 . Read on ..
Matching Concept: Unclaimed TDS/TCS of earlier year can be claimed in current year
[ITR 1, 2, 3, 4, 5, 6, 7]
Certain provisions of TDS (including TCS) require deduction of tax at source at the time of payment or at the time of credit, whichever occurs earlier. Resulting advance payments are also subjected to TDS. Old ITR form did not have any mechanism to carry forward the excess TDS, thus, taxpayers were required to show the entire TDS as a deduction and claim refund of excess TDS. To fix the issues, the Schedule TDS/TCS introduces two new columns:
- Unclaimed TDS/TCS brought forward
- Financial Year in which deducted/collected
- Amount brought forward
- TDS/TCS being claimed this year from amount brought forward or from TDS/TCS of current financial year.
http://taxmantra.com/now-carry-forward-tds-deducted-to-the-next-year.html
Can i claim TDS if in earlier year no return of income is furnished
ReplyDeleteI found this information really helpful. Thanks for sharing the informative post.
ReplyDeleteTDS Return Form
my tds is 20000 and the assesment year is 2013-14 may have not filed return this refund whyi have claim this refund procure and the carry forward process
ReplyDeletemy tds is 20000 and the assesment year is 2013-14 may have not filed return this refund whyi have claim this refund procure and the carry forward process
ReplyDeletemy tds is 20000 and the assesment year is 2013-14 may have claim this refund
ReplyDeleteMy situation is reverse. My TDS was credited in March 2016 but the relevant payment was made in April 2016. The payment was for work completed in March 2016. How to handle this situation? Please advise.
ReplyDelete