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Smart & Easy TDS Software for Preparing TDS Returns

TDSMAN Blog - Smart & Easy TDS Software for Preparing TDS Returns

New Form 26B to claim excess TDS deposited by Deductor Notification 11/2013

Income Tax rules regarding refund of excess deposit of TDS by deductor has been amended in notification 11/2013 dated 19.02.2013. In this notification deductor can claim refund of excess TDS by filing the return electronically on New form 26B with digital signature only .New rule 31A(3A) has been inserted under rule 31A. Further Director general of Income Tax systems has been authorised to set the procedure to claim the refund.New form 26B is provided here under for download.

“(3A) A claim for refund, for sum paid to the credit of the Central Government under Chapter XVII-B, shall be furnished by the deductor in Form 26B electronically under digital signature in accordance with the procedures, formats and standards specified under sub-rule (5).”;

“(5) The Director General of Income-tax (Systems) shall specify the procedures, formats and standards for the purposes of furnishing and verification of the statements or claim for refund in Form 26B and shall be responsible for the day-to-day administration in relation to furnishing and verification of the statements or claim for refund in Form 26B in the manner so specified.”.

 Sl no. File

Size

 
 1. 26b.xls

37 KB

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 2. Form26B.pdf
Form to be filed by the deductor, if he claims refund of sum paid under Chapter XVII-B of the Income-tax Act, 1961

155.24 KB

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TDS cannot be postponed till last date of accounting period, HC ruling in virgin creations will not apply

A judgment is an authority for what it decides. It applies only to those cases in which the requisite amount of tax has been deducted at source out of payments made to the payee and thereafter deposited on or before the due date stipulated by law. The said judgment does not apply to a case where the assessee has failed to deduct the tax itself at source out of payments made to payee in accordance with the provisions of Chapter-XVII-B. In the present case, the assessee has failed to deduct the tax at source out of payments made to the sub-contractors on 12-05-2005, 20-06-2005 and 08-11-2005 and therefore the judgment of the Hon’ble Calcutta High court in CIT v. Virgin Creations is not applicable to the case of the assessee.

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