Tds

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CHINTAN J. SHAH (Querist)
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12 December 2012 Dear Experts,

Kindly reply to the below mentioned query.

What is the remedy in the following situation to XYZ Pvt Ltd & to ABC Pvt Ltd.;

TDS deducted by M/s XYZ Pvt. Ltd. but was wrongly deposited with PAN/TAN of M/s ABC pvt. Ltd.

Sanket

Sanket (Expert)
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12 December 2012 M/s XYZ Pvt. Ltd. has to revise the tds retrun with the correct PAN.

CHINTAN J. SHAH

CHINTAN J. SHAH (Querist)
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12 December 2012 OK
but what about the credit?
I mean 26Q of ABC Pvt. Ltd shows the deposited amount.
Also form 16 will be issued by whome?

CHINTAN J. SHAH

CHINTAN J. SHAH (Querist)
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12 December 2012 is this treatment correct?

XYZ pvt Ltd be required to pay TDS with his correct PAN/TAN &
ABC pvt. Ltd can claim refund?

CHINTAN J. SHAH

CHINTAN J. SHAH (Querist)
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12 December 2012 Kindly reply Sanket

Sanket

Sanket (Expert)
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12 December 2012 yes, As m/s Xyz pvt ltd has filed the return with wronh pan the credit goes in the wrong person. So company has to file the revise return with the correct pan. Therefore the dept. will transfer the credit to ABC company. and xyz ltd. has to issue form 16A in favour of ABC pvt. ltd.

CHINTAN J. SHAH

CHINTAN J. SHAH (Querist)
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03 January 2013 Hello Expert,

I've interpreted your explanation as follows:

Revise returns of XYZ pvt. ltd & ABc pvt ltd. both and give credit to correct person.

XYZ shall pay tds now
ABC shall adjust excess TDS paid against other liability of current period.

kindly guide me