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Excess tds deducted & paid

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(Querist)
21 April 2010 Dear Sir/Madam,

We found that by mistake Accountant deducted excess TDS & paid 2 times in last quarter( Q4) ( F.y. 2009.10) under section 194C ( payment to contractors)

Can we issue the TDS certificate to party with excess deduction?

Please advise what to do?

Awaiting feedback

Regards
vinod
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
21 April 2010 YES YOU CAN ISSUE TDS CERTIFICATE TO PARTY WITH EXCESS DEDUCTION.

EXAMPLE:
BILL AMOUNT=RS1000/-
TDS TO BE DEDUCTED=10
ACTUAL DEDUCTED=20
GIVE TDS CERTIFICATE FOR 20 SHOWING AMOUNT PAID CREDITED AS RS.1000/-
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
21 April 2010 1. You can issue certificate with the excess amount.

2. You may even apply for a refund.

3. You can adjust one of the challan with other TDS liablity in any quarter. In case of tax payable under any other section, you may get the code "94C" changed to any other code.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
21 April 2010 AGREE WITH EXPERT
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vinod

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vinod (Querist)
22 April 2010 Dear All

Noted & many thanks for your kind & very valuable advise.

Regards
vinod.
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