Excess deposit of tcs through challan
This query is : Resolved
26 June 2012
Sir,
Sale of Scrap booked in Feb 2012 of which Tcs amount was Rs.97000.We credited the Tcs amount of Rs 97000 with the govt on 7th March 2012 through challan 281.Subsequently it was found that the sale has taken place in the month of June 2012 so we reversed Feb 2012 entry and passed the sale entry in the month of June 2012.
Now my question is since we have already paid the TCS amount of Rs 97000 in the month of March 2012, will we have to deposit short of Rs 97000 by way of challan 281 on 7th July.
In nutshell how to save my organisation with the loss of 97000/-
Sale of Scrap booked in Feb 2012 of which Tcs amount was Rs.97000.We credited the Tcs amount of Rs 97000 with the govt on 7th March 2012 through challan 281.Subsequently it was found that the sale has taken place in the month of June 2012 so we reversed Feb 2012 entry and passed the sale entry in the month of June 2012.
Now my question is since we have already paid the TCS amount of Rs 97000 in the month of March 2012, will we have to deposit short of Rs 97000 by way of challan 281 on 7th July.
In nutshell how to save my organisation with the loss of 97000/-
C.A Anshul Singhal
(Expert)
27 June 2012
you should send a application to A.o For Rectification of Assessment year of payment of Rs 97000.
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