Query on income tax refund

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  1. Nikhil TK

    Nikhil TK New Member

    Hello Sir,

    Hope you are doing good.

    This is with regard to a commercial building I have let out for rent (under license agreement) to a corporate in Calicut, Kerala.We have signed a 11 months agreement which is effective from 10th Septemebr 2015.The advance amount paid by the tenant is Rs.3,00,000 and the monthly rent is Rs.25,000. Every month we are receiving the rent via cheque and the monthly amount they pay is Rs.22,500. When we enquired with the tenant about not receiving the entire amount of Rs.25,000 as rent, they said that the rest of the amount (25000 - 22000) will be refunded during the income tax filing procudure once they provide us with some document.

    Though i enquired with the tenant today about furnishing this document,they said as per their procedure they will be providing the document only after only 1 year completion.

    Could you please clarify the procedure for getting the rest of the rental amount (25000-22500) as refund while filing the returns. Is it possible to get this refund at any time of the financial year?

  2. Nikhil TK

    Nikhil TK New Member

  3. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    What rubbish!!..your tenant is fooling you.
    he is simply escaping from his obligation to deposit your TDS to the credit of central govt within the due date and simply saying that, 'i can give you form 16a only after one year' as law required to do soo.
    And more over in order to get that tds credit to your account,if you wait for one year and then if u file returns,you have to face problems like,a)you may get notice from department u/s 142(1) to file returns within the period as mentioned in noticeb)penalty of Rs.5000/- will be levied & also tds refund will get delay than if you file returns within the due date as prescribed.

    Sir my advice is get that total tds amount of Rs.2500*12 as cash and file your returns within the due date.you are not in any problem if tenant does't deduct and deposit tds on your rental income to governament.
    it is their default and because of them why you have to suffer?? let them face consequences for not deducting & depositing the tds to the credit of central governament within the time limit.
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