The Appellate Tribunal addressed two issues regarding TDS credit. ...

ITAT clarifies TDS credit for past period: Income & TDS must align for tax, credit in reported year. No double claiming.

Case Laws Income Tax

July 2, 2024

The Appellate Tribunal addressed two issues regarding TDS credit. Firstly, the Tribunal emphasized that income and TDS must align in any assessment year when income is accrued to the assessee. Therefore, TDS credit cannot be isolated without corresponding income for taxation. The matter was remitted to the Assessing Officer for reconsideration. Secondly, the Tribunal clarified that TDS credit should be available in the year the income is reported, as per Section 199(3) and Rule 37BA(3). The Tribunal directed that the assessee is entitled to TDS credit in the Assessment Year 2017-18 if certain conditions are met, ensuring no double claiming of credit. The decision of the CIT(A) was set aside, and the case was sent back to the Assessing Officer for granting TDS credit in the specified assessment year.

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The Appellate Tribunal addressed two issues regarding TDS credit. ...

ITAT clarifies TDS credit for past period: Income & TDS must align for tax, credit in reported year. No double claiming.

Case Laws Income Tax

July 2, 2024

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