Excess tds deposit adjust in next year

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Excess TDS deposited in one financial year can be adjusted against future TDS liabilities in subsequent quarters and even the next financial year, subject to TDS CPC guidelines and proper reporting in TDS returns.

Pramod

Pramod (Querist)
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22 October 2015 We had deposited excess tds on royalty in f. y. 2014-15 now we have a liability to deposit tds on royalty in f.y. 2015-16 please advise whether this excess tds can be adjusted in 2015-16

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 October 2015 In case tax has been deposited more than the required tax deducted at source for a particular Assessment Year, the excess amount of tax can be claimed in the following quarters of the relevant year. The balance amount if any, can be carried forward to the next year for claim in the TDS statement.
• Example: If excess payment of Tax has been made in Quarter 1 of financial year 2013-14, the same can be used for Quarter 2,3&4 of F.Y. 2013-14 as well as for Q1 to Q4 of F.Y.2014-15. The excess amount of tax paid in Q1 of F.Y.2013-14 can also be used for payment of tax default of Q1 to Q4 of F.Y.2012-13.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 October 2015 Refer TDS CPC Communication dated 1.09.2014 from link given below:

https://contents.tdscpc.gov.in/en/tdscpc-communication69.html

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