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July 2012

Direct Tax Instruction No. 4/2012, dated 25- 5-2012 — F. No. 225/34/2011-ITA.II — Instructions for processing of returns of A.Y. 2011-12 — Steps to clear backlog.

By Pinky Shah, Sonalee Godbole, Chartered Accountants
Reading Time 1 mins
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The Board has decided to withdraw Instruction No. 01/2012 issued on 2nd February, 2012 on the above subject with immediate effect. The following decisions have been taken in this regard:

 (i) In all returns (ITR-1 to ITR-6), where the difference between the TDS claim and matching TDS amount reported in AS-26 data does not exceed Rs.5,000, the TDS claim may be accepted without verification.

(ii) Where there is zero TDS matching, TDS credit shall be allowed only after due verification.

(iii) Where there are TDS claims with invalid TAN, the TDS credit for such claims is not to be allowed.

(iv) In all other cases TDS credit shall be allowed after due verification.

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