Credit of TDS

[GOPAL HARLALKA]

(A company has deducted T.D.S. for ₹ 150000/-on advance payment on ₹ 75,00,000/- in Feb.2011 (A.Y. 2011-12) Assessee has not claimed T.D.S. in assessment year 2011-12 because income has not accrued in asseissment year 11-12. Assessee has claimed T.D.S. in assessment 12-13. Now A.O. is not giving credit of T.D.S. in assessment 12-13 because in form 26AS T.D.S. is not reflected. My query is how T.D.S. can be claimed in assessment year 12-13,

CA GOPAL HARLALKA

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It seems the tax return was filed manually. In e-filing utility there is a columm, where one can mention the year in which he/she intends to claim the TDS benefit for a particular credit. If, the relevant amount of income was declared in the A. Y. 2012-13 with corresponding TDS. The AO is duty bound to give credit for the TDS if he is assessing the income in the AY 2012-13 otherwise can file appeal or an application u/s 154.

AI Summary

TDS credit: claim in the year income is offered can be allowed even if absent from Form 26AS, with remedies available.
The advisory explains that e filing allows an assessee to specify the assessment year in which a particular TDS credit is to be claimed; if the income corresponding to the deducted TDS is declared in the later assessment year and the TDS is disclosed in that year's return, the assessing officer is obliged to allow the credit even if Form 26AS does not reflect the TDS for the earlier year, and denial of credit may be challenged by appeal or by filing a rectification application.