Excess deduction of TDS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 February 2010
How to treat if a company assessee deducts TDS at a higher rate and pays the applicable tds only. It keeps the amount deducted in excess and adjust with the particular expense.
for eg,
Freight paid to a transport M/s X
September Rs 50000 tds deducted Rs 1000
October RS 50000 tds deducted Rs 1000*
* M/s X has given his PAN No. to the company for the benefit of non deduction.
Now the company paid the tds of september only and filed the return for that quarter.
The tds of october is reduced from freight charges.
TDS Deducted A/c Dr
To Freight charges A/c
for eg,
Freight paid to a transport M/s X
September Rs 50000 tds deducted Rs 1000
October RS 50000 tds deducted Rs 1000*
* M/s X has given his PAN No. to the company for the benefit of non deduction.
Now the company paid the tds of september only and filed the return for that quarter.
The tds of october is reduced from freight charges.
TDS Deducted A/c Dr
To Freight charges A/c
22 February 2010
credit back to the account of M/s X and pay back to him
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