Case AQ - How to take tax credit on unavailed tax deducted on FD interest income in each year until maturity ? Posted by - Sumanta on Youtube Hi Amlan this is Sumanta from Kolkata, Thanks a lot for your E filling Tutorial......... I have learning your tutorial in Daily basic..... Now I have facing Some Problem.... I have a 3 Years FD A/c in SBI from FY 2011-12, and I taken the Interest with Principal after maturity. And the time of maturity 10% flat rared TDS deducted by bank for each Financial Year(3 Years). And Provided me the TDS Certificate for 3 Financial Year. My Income is not coming in Taxable Slave. For that till, i have not submitted any Tax file. So How can I Reverse back my deducted TDS Amount for FY(2011-12, 2012-13 and 2013-14)...... If possible Plz Reply as early as possible...... Solution - By Amlan Dutta +Sumanta De In ITR 2 , go to the TDS schedule ...you will see in TDS schedule 2 (i..e TDS for non salary account ), you will have a option to claim TDS for earlier years for which you have not taken credit ...add rows for year 2011 12 , 2012 13 put in the figures of the TDS deducted by the bank (i.e avail tax credit for this bought forward credit not availed those years ...and for the present year , mention the tax credit (TDS deducted )....then you can claim this year both bought forward tax credit and present year tax credit provided the entire maturity amount is being offered as income in the present year ! Say , the bought forward tax credit for each year is 10000 Rs and the present year credit (TDS ) is also 10000 Rs , so total tax credit availed is 30000 Rs Say your total income is below threshold levels ...then tax due is zero So , yur return will automatically compute refund as 30000 Rs When you upload the return and submit the acknowledgement , then in a few months your refund should be processed ..... if you have further queries , you can call me at 0 9 1 6 7 0 0 2 3 2 7 ...Also i have a page facebook/filingreturnsonline you may like to have a look at the various different cases that i have solved and learn from the experience .....i have also solved your case with return screenshot there for easy understanding and benefit of others!
Posted on: Wed, 30 Jul 2014 01:46:38 +0000
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