Dear All,
I would like to know when we will receive reimbursement for the TDS deducted by our clients for a financial year. I require information on the rates of TDS deduction. My company provides services for clients in small-scale events, marketing programs, recruitment, etc.
My clients have deducted TDS for 2009-2010, and also for 2010-2011, my TDS is being deducted at 10%. I would appreciate information on when I can expect reimbursement and the procedure to claim it.
Kindly provide me with suitable information on the same.
Thanks in advance.
From India, Mumbai
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I would like to know when we will receive reimbursement for the TDS deducted by our clients for a financial year. I require information on the rates of TDS deduction. My company provides services for clients in small-scale events, marketing programs, recruitment, etc.
My clients have deducted TDS for 2009-2010, and also for 2010-2011, my TDS is being deducted at 10%. I would appreciate information on when I can expect reimbursement and the procedure to claim it.
Kindly provide me with suitable information on the same.
Thanks in advance.
From India, Mumbai
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Dear Vinay,
TDS will not be reimbursed by clients. You have to file an Income tax return to receive a refund. As per the provisions of Income Tax, the client has to deduct TDS from your payment and then deposit that amount with the Income Tax department on your behalf. That's why you have to file a return of your income and claim a refund from the Income Tax department only.
Atul Somani Manager Accounts Pune
From India, Pune
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72TDS will not be reimbursed by clients. You have to file an Income tax return to receive a refund. As per the provisions of Income Tax, the client has to deduct TDS from your payment and then deposit that amount with the Income Tax department on your behalf. That's why you have to file a return of your income and claim a refund from the Income Tax department only.
Atul Somani Manager Accounts Pune
From India, Pune
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Dear Vinay Madavi,
If you want to get reimbursement of your TDS amount, you have to submit Income Tax Returns. They will issue a Form 16A against tax deduction (TDS).
While submitting Income Tax Returns, you have to attach the aforesaid form. As a consultant, you can show some expenditures from your gross income like telephone, fuel, printing & stationery, rent, general expenses, etc.
For submitting Income Tax returns, 1TR-IV is the appropriate form, and this form can be downloaded from the Income Tax India site: [Income Tax India](http://www.incometaxindia.gov.in/download_all.asp).
If possible, meet a tax consultant or Chartered Accountant for submitting Income Tax returns. The due date for submitting Income Tax returns is 31st July for the financial year.
I wish you all the best.
Regards,
Sravan
From India, Hyderabad
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If you want to get reimbursement of your TDS amount, you have to submit Income Tax Returns. They will issue a Form 16A against tax deduction (TDS).
While submitting Income Tax Returns, you have to attach the aforesaid form. As a consultant, you can show some expenditures from your gross income like telephone, fuel, printing & stationery, rent, general expenses, etc.
For submitting Income Tax returns, 1TR-IV is the appropriate form, and this form can be downloaded from the Income Tax India site: [Income Tax India](http://www.incometaxindia.gov.in/download_all.asp).
If possible, meet a tax consultant or Chartered Accountant for submitting Income Tax returns. The due date for submitting Income Tax returns is 31st July for the financial year.
I wish you all the best.
Regards,
Sravan
From India, Hyderabad
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls