Excess payment of tds
This query is : Resolved
07 November 2013
Mr.X has paid TDS eroneously 150000 instead of 15000. Mr.X wants to recover as early as possible from department. Plz suggest.
CA Pallav Singhania
(Expert)
07 November 2013
To avoid double claim of TDS by the deductor as well as by the deductee, the following safeguards must be exercised by the Assessing Officer concerned:
The applicant deductor shall establish before the Assessing Officer that:
(i) it is a case of genuine error and that the error had occurred inadvertently;
(ii) that the TDS certificate for the refund amount requested has not been issued to the deductee(s); and
(iii) that the credit for the excess amount has not been claimed by the deductee(s) in the return of income or the deductee(s) undertakes not to claim such credit.
Prior approval of the Additional Commissioner is required for refund in excess of Rs. 1 Lakh
Prior approval of the Commissioner is required for refund inexcess of Rs. 10 Lakhs
After meeting any existing tax liability of the deductor, the balance amount may be refunded to the deductor.
The applicant deductor shall establish before the Assessing Officer that:
(i) it is a case of genuine error and that the error had occurred inadvertently;
(ii) that the TDS certificate for the refund amount requested has not been issued to the deductee(s); and
(iii) that the credit for the excess amount has not been claimed by the deductee(s) in the return of income or the deductee(s) undertakes not to claim such credit.
Prior approval of the Additional Commissioner is required for refund in excess of Rs. 1 Lakh
Prior approval of the Commissioner is required for refund inexcess of Rs. 10 Lakhs
After meeting any existing tax liability of the deductor, the balance amount may be refunded to the deductor.
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