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Claiming Refund Of TDS

Monday, June 06, 2011

My son is a Non – Resident Indian due to his employment overseas. He had acquired some land before leaving India. He has rented the said land for some commercial activity. I am collecting the said rent in his absence on his behalf. Pl advice whether the rent received/collected by me would be taxed in my hand?

— Kishore Bhalla, Juhu

The income has to be correlated to the source. The source of income in your case is land which is owned by your son. You are acting only as his agent and collecting/receiving the rent. Hence, the rent income would be taxed in the hands of your son and not in your hand.

I am employed with a medium size company. My salary is above the minimum taxable limits available under the Income Tax Act, 1961. I was asked to furnish declaration for my savings etc. However, due to my EMI and other commitments I was not in a position to save for tax eligible securities. However, during the later part of the financial year I rescheduled some of my loans and was in a position to invest the funds into tax eligible securities. Meanwhile the company has already deduced the TDS out of my salary. Pl advice what I should do?

— Kanika Shah, Worli

If the TDS has already been deducted and deposited with Govt. authorities and the TDS Return in respect of the same has also been furnished by the company then only one option is available to you i.e. file your return of income and claim refund of TDS.

I am a small trader. My turnover is between 25 to 30 Lacs. I do not maintain proper books of account to substantiate the transactions. However, I maintain records to track my business activities. My profits are around 10 % of my turnover. Pl advice whether I can file my return on this estimate basis? Any other compliance is required?

— Amol Sawant, Malad

Section 44AF of the Income Tax Act, 1961 provides that if the turnover of the business does not exceed Rs.40 Lacs and the profit from the business is more than 5 % of the turnover then the assessee need not maintain proper books of account. Hence, you can file the return of income declaring income as per your estimate. However, if net profit is less than 5 % of turnover then

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