Carryforwarding of excess tds paid by deductor

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Maulik

Maulik (Querist)
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31 December 2014 whether Excess TDS Paid by Deductor can be carryforward to next A.Y. to setoff

Mamta kholiya

Mamta kholiya (Expert)
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31 December 2014 CPC (TDS) has issued an advisory communication to all deductors who have used multiple challans in a month for payment of TDS. In its advisory, CPC (TDS) has discussed about three main points:
• Payment of Tax Deducted under different sections of the Income Tax Act, 1961
• Payment of Tax Deducted for different Assessment Years
• Different challans used for the purpose of reporting multiple Deductees associated with different branches with same TAN
• Payment of Tax Deducted for different Assessment Years:
• In case tax has been deposited more than the required tax deducted at source for a particular Assessment Year, the excess amount of tax can be claimed in the following quarters of the relevant year. The balance amount if any, can be carried forward to the next year for claim in the TDS statement.
• Example: If excess payment of Tax has been made in Quarter 1 of financial year 2013-14, the same can be used for Quarter 2, 3 &4 of F.Y. 2013-14 as well as for Q1 to Q4 of F.Y.2014-15. The excess amount of tax paid in Q1 of F.Y.2013-14 can also be used for payment of tax default of Q1 to Q4 of F.Y.2012-13.

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