EXcess deposit of Tds
This query is : Resolved
Sharad Jain
(Querist)
10 August 2010
Plz tell me, how can i adjust excess deposit of TDS.actually I deduct Rs1506 from party's account but at the time of depositing challan i had submitted double TDS OF rs 1506+1506=3012. Now what can I do In this regard?
CMA Ramesh Krishnan
(Expert)
10 August 2010
You can adjust with next month TDS payment under the same section
You can adjust with next month TDS payment under the same section
10 August 2010
You can adjust the excess deposit against deduction from other parties. You will deposit rs.1506 less from next payment.
Sharad Jain
(Querist)
10 August 2010
now i have DR. BAlance of tds amounting to RS.1506, what should i do in my books of accounts and by what entries i have to pass in my books?
CMA Ramesh Krishnan
(Expert)
10 August 2010
Excess tds let it be Debit balance, no entry need to be passed
Sharad Jain
(Querist)
10 August 2010
is there any alternative, can i adjust my excess TDS from party's account by Debiting party 1506 and Crediting TDS 1506.
Sharad Jain
(Querist)
10 August 2010
and suppose in next month my tDS liability become only RS 1000, then there is no need to deposit any challan and i can adjust bal 506 from subsequent month payment. am i right or wrong?
CMA Ramesh Krishnan
(Expert)
10 August 2010
you cannot pass adjustment entry, since paid excess. party account nothing to do with this
10 August 2010
You are right, you can do it...
But the basic condition will be : adjustment can be possible when payment made under same section to same category of assessee. Like .. if Rs. 1506 excess is deposited under 194 C & for a company deductee then the same criteria will follow.
& you are also right... you can also adjust the balance Rs. 506/- in subsequent month subject to the fulfilment of above criteria.
Further, you can't carry forward the balance of excess TDS from 1 quarter to another quarter.
But the basic condition will be : adjustment can be possible when payment made under same section to same category of assessee. Like .. if Rs. 1506 excess is deposited under 194 C & for a company deductee then the same criteria will follow.
& you are also right... you can also adjust the balance Rs. 506/- in subsequent month subject to the fulfilment of above criteria.
Further, you can't carry forward the balance of excess TDS from 1 quarter to another quarter.
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