06 May 2008
For Ast Year 2008-09 Mr. X an employer, deducted tax at source on Int. is Rs. 10,000. The same is remitted within due date also. But after the payment, Mr. X comes to know that he is deducted & remitted excess Rs. 5,000 to Govt. Now the question is,
Can he adjust the same i.e. excess amount Rs. 5,000, against any other TDS payable for the same Ast.Year?
07 May 2008
Can be setoff with TS liability under the same section. Only if you can not set off,(ie. there is no TDS liability) you can apply for refund. If the deductee agrees, you can issue certificate for the amount wrongly deducted.
CAclubindia
