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Discussion > Income Tax > TDS >

Excess tds deposited under section 194 i(a)

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A

[ Scorecard : 34]
Posted On 29 August 2013 at 22:54 Report Abuse

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?



Total thanks : 1 times

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chandan
Asst. Manager

[ Scorecard : 37]
Posted On 29 August 2013 at 23:44

Dear you can adjust excess amount paid with next month due in same section, otherwise have to follow refund procedure.





Kushal Agarwal
A

[ Scorecard : 34]
Posted On 30 August 2013 at 00:02

My nature of business does not demand much tds deduction. Hence future adjustment not an option for me. Secondly, I need consultancy for the right way to get this refund immediately.



Mihir
Wealth Manager

[ Scorecard : 3780]
Posted On 30 August 2013 at 07:27

This is a serious mistake. Since this section is new, a lot of procedures related to the same is still unclear. You will have to meet your AO and ask him about this problem. The AO cannot rectify the entry unless IT returns is filed.




Kushal Agarwal
A

[ Scorecard : 34]
Posted On 30 August 2013 at 09:13

Waiting for the it returns filling would mean atleast one year from here. Form 26b says dgit(systems) has the power to refund. But I cannot find the officer who holds this office, and his contact details. Along with our AO we need to contact him immediately.



pankaj
account excutive

[ Scorecard : 26]
Posted On 30 August 2013 at 15:47

i am pursuing PGDM (finance) form symbiosis distance learning center i want to take MAT entrance take

then do MBA  in finance but problem is i graduate(B.COM) also correspondence mode Can i applicable for mat if i take good rank in mat feb 2014 collage give preference me ya PGDM good for me

 

regards

pankaj kumar sharma

student

 



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