Advance tax and tds
This query is : Resolved
Vikas Malhotra
(Querist)
22 September 2011
Dear All,
One of my client has deposited Rs. 2,00,000.00 as advance tax on 13/09/2010 but it was wrongly deposit under 194/c as TDS. Please let me know how to rectifed and what to do
Thanks and Regards
Vikas
One of my client has deposited Rs. 2,00,000.00 as advance tax on 13/09/2010 but it was wrongly deposit under 194/c as TDS. Please let me know how to rectifed and what to do
Thanks and Regards
Vikas
Dintakurthi Tirumala
(Expert)
22 September 2011
My suggestion is write a query to incometax department with full details.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Tushar Desai
(Expert)
22 September 2011
Writing to IT Department is not going to help. You can adjust Rs. 2L (paid under 194C) against future payable under same Section.
& as far as Advance Tax is concerned, the IT Dept will act blindly. They just check "What is paid till 15th Sept"!!! so, be ready to pay 1% monthly interest on Advance Tax payable till 15th Sept. Pay it with next installment of advance tax.
& as far as Advance Tax is concerned, the IT Dept will act blindly. They just check "What is paid till 15th Sept"!!! so, be ready to pay 1% monthly interest on Advance Tax payable till 15th Sept. Pay it with next installment of advance tax.
Vikas Malhotra
(Querist)
22 September 2011
they have deposited the same on 13/09/2010 i came to know the same while checking AS 26. So while finalizing the return we have to deposit the same along with the intrest ???
Tushar Desai
(Expert)
22 September 2011
Yes... Tax + Interest... i think under section 234B or 234C
Vikas Malhotra
(Querist)
22 September 2011
and what about Rs 2,00,000 wrongly deposited in TDS?????
Tushar Desai
(Expert)
22 September 2011
You deposited XYZ amount under Sec 194C.
You must have deposited the same with reference to any valid PAN (in this case, you have written yr PAN only, right?).
Now, at the end of the year, you can claim refund under Sec. 194C.
Remember, payment under Sec. XYZ Refund under the same section
You must have deposited the same with reference to any valid PAN (in this case, you have written yr PAN only, right?).
Now, at the end of the year, you can claim refund under Sec. 194C.
Remember, payment under Sec. XYZ Refund under the same section
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