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How to claim benefit of tax deducted in advance on income which is taxable in subsequent years?

Open uri20170510 32134 7ezpi6?1494421819 asked

Hi I am Planning to write CA exam next year. I am not good at income tax topic. May I know, How to claim benefit of tax deducted in advance on income which is taxable in subsequent years?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

(a) Unclaimed TDS/TCS brought forward (i) Financial Year in which deducted/collected (ii) Amount brought forward

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Open uri20170510 32134 1uwcnoc?1494421631 answered

Certain provisions of TDS (including TCS) require deduction of tax at source at the time of payment or at the time of credit, whichever occurs earlier. Advance payments are also subjected to TDS. Old ITR form did not have any mechanism to carry forward the excess TDS, thus, taxpayers were required to show the entire TDS as a deduction and claim refund of excess TDS. To overcome the issues, the Schedule TDS/TCS in the ITR forms introduced two new columns: (a) Unclaimed TDS/TCS brought forward (i) Financial Year in which deducted/collected (ii) Amount brought forward (b) TDS/TCS being claimed this year from amount brought forward or from TDS/TCS of current financial year. Thus, the portion of TDS credit pertaining to income taxable in the subsequent year can be carried forward to subsequent year and can be claimed in the year in which income is offered to tax.

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