The meaning of TDS refund

[yujin kim]

Dear sir

I'm yujin Kim, Korean. and studying Indian taxation.

I can understand some other tax roughly, but only regarding TDS, I cannot understand Indian taxation logic.

We have been doing job work for last 5 years. and our buyer deducted TDS for this job work.

For 5 years accumulated TDS receivable amount under advance tax is nearly 14lac.

I've heard this is receivable amount from indian government. Is it really 14lac 100% can we receive it?

I think this is same as income tax, so we should pay tax as per our sales amount, so it should be not refunded.

But I didn't see any case indian government give the refund .

and one thing, our buyer put the wrong PAN no when they do TDS return for last 5 years. we have two companies. one is manufacturer , the other is trader. Buyer put trader company pan no by mistake.

We found this last year only so we request TDS return to tehm. But he said it is very hard, almost not possible due to long year ago happened TDS.

I am confused what can we do. our CA also cannot give us any suggestion about this.

He is saying we can apply for form 30(cash refund) after buyer revised the TDS return.

But buyer denied.

If this 14 lac is refundable amount, for receiving what can we do?

We want to set off/adjust against advance tax .. But we dont have profit at the moment. so set off also not possible.

Please guide us what can we do.

[YAGAY andSUN]

You need to send the all TDS certificateds to the deductor to rectify them.  You would need to send the attested copy of the PAN alongwith documentory evidences such as copies of the invoices/bills/ party account for the purpose of gettting TDS certificate rectified to this extent.

The deductor should be requested to file the revised TDS returns in the Form 26Q.  In case of non co-operation from your deductor, you may file a complaint to the TDS officer of your jurisdiction.

After getting the amended certificates, you can check the status of 26AS on line by using your PAN No.

[jatin minocha]

there is definitely provision for getting i/t refunds on tds subject to ur arrival of profits/losses

the tds certificates need 2b rectified & the deductor need to file revised tds returns correcting ur pan no in his database & file revised return with revised database

regd the refundable amount,the whole data to be reconciled with profits/losses & so on

thanx

AI Summary

TDS refund requires corrected TDS certificates and revised returns before refund or adjustment can be claimed. The operative remedy is to obtain amended TDS certificates and documentary evidence so the deductor can file revised TDS returns (Form 26Q) correcting the PAN; if the deductor refuses, file a complaint with the TDS officer and thereafter reconcile corrected entries with Form 26AS. Refund or adjustment depends on the taxpayer's final tax position and reconciliation of profits and losses.