TDS refund (Income Tax)

This query is : Resolved

chirag tanna

( Author )
13 July 2011

Dear Sir/Madam,

I have a query which most my CA frnds/senior are not clear about, pls clarify me the doubt?
My query:-

While making payment for TDS on due date for an amount of Rs10,000/- u/s 194J (Professional Fees).
I bye mistake made the payment of 1 lac rs and in Form 16A deduction disclosed is 10,000/- which is actually correct.

What is the remedy for claiming refund of an excess amt dr in my a/c (90,000)
any procedure to be followed online or mannual.

Experts pls guide me a remedy to get that extra amount of 90,000/- deducted from my bank a/c.

Awaiting ur reply urgent

Appreciate ur efforts.

Regards
Chirag Tanna.

CA PARAS BAFNA

( Expert )
13 July 2011

The extra amount of TDS will remain deposited for a year or so as the same would be released after processing of TDS returns for FY 2011-12 (Assuming that TDS is related to the 1st quarter of FY 2011-12).

However, you can adjust the deposited amount against any of the TDS liablity.
Suppose in the 2nd quarter you have deducted TDS of Rs 20000/-, you are not required to deposit the amount. The same will be adjusted from the credit of Rs 90000/-.

In case still your balance remains credit according to Section 200A, this amount will be refunded to you after adjustment, if any, within a year from the end of the Financial year.

You will be sent an intimation of such amount alongwith the refund cheque.

B.Chackrapani Warrier

( Expert )
13 July 2011

Up date the qtly filing of tds returns with correct figure. Then seek the provisions of of section 200A if the matter is relating to assessment year 2010-11 and onwards.