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Ramalingam Kalirajan |2529 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 02, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Question by Atul on May 01, 2024Hindi

Sir, Thanks for your response, sir, I have tried all the above but could not succeed if you have any solid resolution please let me know because the sum is near 1 lakh and the legal fees nearly 22 to 30 % with other expences and there is no legal advisor here in Agra, Please if you can further assist me.

Ans: Navigating financial challenges can feel like traversing a maze without a map, especially when legal fees and other expenses loom large. It's understandable to feel overwhelmed, especially without local expertise in Agra. IF there is any better alternatives to solve this, I'll update you.

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Mihir Tanna |831 Answers |Ask -Follow

Tax Expert - Answered on Oct 20, 2022

Question by Rajendran - Oct 20, 2022Hindi

Please provide correct advice in the following situation. We filed ROI for AY 2019-20 on 30-10-2019 and paid a tax amount of Rs 1,20,03,465/- under section 115JB. Above return was processed u/s 143 (1) by intimation dated 19-05-2020. The Company has deposited Advance tax of Rs. 40, 00,000/- and ITR -6 for AY 2019-20 was filed under Section 139 on 30-10-2019 to obviate any violation in Tax compliance including the TDS claim of Rs. 87,29,484/-. In the Intimation order the assessing officer had accepted the income and other claims of the Appellant but had demanded Rs 97,85,148/- as balance tax and interest. During the Assessment Year relevant to Previous Year 2018-19, the land under the ownership of the Assessee has been taken over by the Government for Guruvayur Dewaswam (GD). LA compensation of Rs.38565360/- (on 5- 2-2018), Rs.4,00,00,000/- (on 4-2-2019), and Rs.48,28,009/- on19-11-2020 were paid to the Petitioner Company. Deductor, GD did not deposit the TDS to government in relevant years, this resulted in the demand of Rs. 97,85,148/- on Company towards balance tax and interest in the intimation u/s 143 (1) dated 19-05-2020. GD deposited Rs.95,02,088 /- towards TDS and Rs.21, 25,421 /-towards TDS and interest on 30-1-2021 and filed TDS return for the Assessment Year 2021-22. (not AY 2019-20). Deductor is delaying filing revised TDS return in spite of many requests even by Income tax authorities. Can the Income tax department seek to recover Income tax with fine from Company for AY 2019-20, on mere fact that Petitioner could not account for deposit of such tax (TDS) (Rs.87,29,484/-, only because the deductor, after paying the compensation to Petitioner in relevant year, did not deposit TDS to government revenue? Should the assessee suffer for the fault of the deductor? We understand There is a bar under Section 205 and circular of CBDT in this matter.

Ans: If TDS is deducted and there was delay in depositing TDS, said TDS amount cannot be recovered from deductee. There are some judicial pronouncements for the same which provides relief to taxpayer (deductee). But in given case, I understand that it is not case of delay but amount credited in different year.

In such a case, you can request to jurisdictional officer to provide credit of TDS in the year in which income is offered to tax though TDS is appearing in 26AS of subsequent year and it can be subject to litigation.

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