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Demand u/s 156

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(Querist)
29 December 2011
can a demand U/s 156 for a private limited co. can be adjusted with TDS

thanks with regards
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Mahesh Paryani

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Mahesh Paryani (Expert)
29 December 2011 Dear Manoj

TDS of that particular year is to be adjusted for that years income tax liability only.
Eg for FY 2009-2010 TDS is Rs. 10000 and tax liability is Rs. 15000 so you can adjust liability only to the extent of Rs. 10000 and pay Rs. 5000. Accumulated TDS amounting to Rs. XX for the financial year 2010-2011 cannot be set off with the tax liability of financial year 2009-2010.

I hope this solves your problem.
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