Credit of TDS can be granted only when income corresponding to ...

Taxpayer's right to claim TDS credit and current year business loss evaluation in income assessment.

Case Laws Income Tax

August 27, 2024

Credit of TDS can be granted only when income corresponding to such TDS is assessed to tax in the same financial year. Assessee has the liberty to approach the Assessing Officer for claiming credit of TDS in the concerned year, and the AO may allow the claim in accordance with law. Regarding current year business loss, the Assessing Officer is directed to verify the assessee's claim and consider the current year business loss while computing the assessed income as per law. The appeal grounds related to TDS credit are allowed for statistical purposes by the Appellate Tribunal.

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Credit of TDS can be granted only when income corresponding to ...

Taxpayer's right to claim TDS credit and current year business loss evaluation in income assessment.

Case Laws Income Tax

August 27, 2024

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