Business setupUpoma Dey
Frequently Asked Questions
Income TaxAbhinandan Sethia
How will transactions of more than one buyer/seller be filed in Form 26QB – TDS on immovable property?Form 26QB needs to be filed for each seller separately. Similarly, in case of multiple buyers, each needs to issue Form 26QB separately. Form 26QB is to be filled in by each buyer for unique buyer-seller combination for respective share. E.g. in case of one buyer and two sellers, two forms have to be filled in and for two buyers and two seller, four forms have to be filled in for respective property shares.
How can I claim a refund of TDS deducted u/s 206AA due to the non-furnishing of PAN?Since you have not furnished the PAN, the tax so deducted would not be credit to your TDS in 26 AS and therefore you cannot claim the refund of TDS. What you should do? In order to be able to claim the refund of TDS, you need to contact the deductor to credit the TDS to your PAN (he would have to revise the TDS return). Once the revision is done, it would be available as a credit to your PAN and you could claim the refund by filing the ITR.
What do I do if a mismatch appears in the actual TDS and TDS credit as per Form 26AS?If there's is mismatch in actual TDS and TDS credit, you won't be able to claim the credit. So here's what you could do. Determine that the mismatch accounts to which of the deductors. Mismatch could be because of an error in deductors TDS return. So, you need to communicate the mismatch to the deductor, so that he could revise the TDS return. One should keep a record/proof of actual TDS deducted. Once the TDS return is corrected, you would be able to see the correct credit on 26AS, you need to download the credit statement a few days after the correction is filed.
Do I have to file taxes in India if I am an NRI?As an NRI, any income which is earned or accrued in India is taxable in India. While income which is earned outside India, is not taxable in India. So, if you have taxable income in India, which exceeds the basic exemption limit of Rs 2.5 lakhs, you would be required to file ITR. Note: one must determine their residential status as per income tax act to determine the taxability of their income.
Who needs to file their tax returns in India?As an Individual, one is required to file an ITR if their total annual income before taking into account any tax deductions exceeds the basic exemption limit i.e. Rs 2.5 lakhs. Also, if somebody has losses and they like to claim the losses to carry forward, they have to file the ITR to claim losses. Further, if you have TDS deduction and you seek for a refund, that could be done by filing ITR only. That's the basic criteria to file ITR.
What is the last date for filing an income tax return in India?The due date for filing ITR for Individual, HUF, AOP, BOI for FY 18–19 is 31st July 2019. While, for businesses requiring tax audit, it is 30th September. Further, it would be relevant to mention that if the due date for filing the ITR is missed, one can file a belated return for the FY 2018-19 on or before 31 March 2020. However, this would require payment of late fee and interest, if there was tax liability. There are some other disadvantages as well of filing a belated ITR. So, it's advised to file in time.
My employer deducted TDS but did not deposit it to my account. what can I possibly do to get my taxes paid?Here’s possibly what you can do: 1. Communicate with the deductor: The easiest resolution would be to communicate with the deductor about the issue, there could be a chance of mistake or omission in the TDS return which could be rectified by him and you would be able to claim the TDS credit. 2. Filing complaint to deductor’s assessing officer regarding default in TDS return: If the above resolution doesn’t work, one can communicate the matter to the deductor’s tax assessing officer 3. Filing complaint to your assessing officer: One can also file the above complaint to his/her own tax assessing officer. Alternatively, once you file the ITR, you would receive a notice regarding the mismatch of TDS in the ITR, on receipt of notice you can raise a rectification request and submit the relevant documents in your possession proving that taxes were deducted.