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.