Excess TDS

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PREM KUMAR.T (Querist)
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27 May 2011 TDS has been deducted at appropriate rate u/s 194H but while depositing it is wrongly deposited in excess amount. This excess deposit is made in the 4th Quarter. Hence could not be adjusted in any other deductions for the same Financial year. Whether it could be adjusted in the succeeding financial years or only refund can be claimed. If so what is the procedure for Refund. What are the Forms to be submitted for Refund. Any procedures to be followed while filing e-tds in Form 26Q. Circular 285 dt 1980 prescribes refund for Only upto 194D

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 May 2011 The department will grant you refund after
processing your TDS returns.
The circular 285 is no more in effect after
1.4.2010.

Section 200A has been inserted, and on the plain reading it seems that you need not to claim even refund also.
On the basis of quarterly TDS returns filed by the deductor and after making certain adjustments of short payment etc, the department will isue an intimation.
From the proviso it can be appreciated that the department will conclude this work within one year from the end of the financial year in which the statement (TDS Return) is filed.

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