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Hardik Parikh |106 Answers |Ask -Follow
Tax, Mutual Fund Expert - Answered on Jul 25, 2023
Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more
Asked by Anonymous - Jul 24, 2023Hindi
Hello Hardik Sir , thanks for your reply to my query dated 21 Jul. I still have doubt in point no 1 whereby by you have suggested that i should include the income of deceased till the date of death while filing return of deceased . The point which needs clarification is that in 26AS you will see the income earned and TDS deducted till the deceased accounts are closed. But As suggested i will be showing income till the day when my father died which will be less than that shown in 26As but the TDS shown is on higher income so there will be mismatch. If you say that TDS is also to be proportionally divided than how it has to be done ? How will scrutiny officer or software will understand the bifurcation done and nit send notice?
Ans: Hello again,
I understand your concern about the mismatch between the income shown in Form 26AS and the income till the date of your father's demise. Here's how you can handle this situation:
1. While filing the return for the deceased, you should indeed include the income earned till the date of death. This is as per the Income Tax Act of 1961.
2. Regarding the TDS, it is deducted based on the estimated income for the entire year. However, since your father passed away during the year, the income earned till the date of his death is less than the estimated annual income.
3. In such a case, you can claim a refund of the excess TDS deducted while filing the income tax return. The Income Tax Department will process this refund.
4. If there is a scrutiny by the Income Tax Department, you can provide the necessary documents and explain the situation. The department is aware of such circumstances and they will understand the bifurcation.
5. It's always a good idea to consult with a tax advisor or chartered accountant to ensure that the tax return is filed correctly.
I hope this clarifies your doubt.
I understand your concern about the mismatch between the income shown in Form 26AS and the income till the date of your father's demise. Here's how you can handle this situation:
1. While filing the return for the deceased, you should indeed include the income earned till the date of death. This is as per the Income Tax Act of 1961.
2. Regarding the TDS, it is deducted based on the estimated income for the entire year. However, since your father passed away during the year, the income earned till the date of his death is less than the estimated annual income.
3. In such a case, you can claim a refund of the excess TDS deducted while filing the income tax return. The Income Tax Department will process this refund.
4. If there is a scrutiny by the Income Tax Department, you can provide the necessary documents and explain the situation. The department is aware of such circumstances and they will understand the bifurcation.
5. It's always a good idea to consult with a tax advisor or chartered accountant to ensure that the tax return is filed correctly.
I hope this clarifies your doubt.
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