Excess tds deposited under section 194 i(a)

Kushal Agarwal (A) (34 Points)

29 August 2013  

URGENT IMMEDIATE ATTENTION REQUIRED:

My company has purchased an immovable property at Rs.1.2 Cr. on Aug'13.

Under the new ruling we were liable to deduct 1% TDS to our seller (Rs.1.2 Lakh).

We filled up the forms online, with all the figures correctly.

But at the time of payment in the online gateway, due to a clerical error we deposited Rs.12 Lakh instead of Rs.1.2 Lakh i.e., an excess of Rs.10.8 Lakh.

Bank has refused for reversal, and now we came to know about form 26B.

Please HELP?