Excess TDS paid

This query is : Resolved

TARIQUE RIZVI (Querist)
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21 July 2020 We have paid excess TDS during the Ay 20-21 whether the excess balance paid during the Ay 20-21 can be used during the Ay 21-22.

1-How to show the excess balance of TDS in books of account ?
2-How to show the excess balance of TDS in TDS Return ?

CA Ankith Jain

CA Ankith Jain (Expert)
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25 July 2020 Excess balance paid can be set off against the next quarters liability, u need not mention anywhere in the return. In books of account, you can create a new ledger called "Excess TDS deposit" and can use the ledger, whenever the set off happens with subsequent liability.

MUKESH KUMAR CHOUDHARY

MUKESH KUMAR CHOUDHARY (Expert)
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27 July 2020 CAN I USE EXCESS TDS AMOUNT IN NEXT QUARTERLY RETURN? IF NO, WHAT IS REMEDY? IF YES, HOW

TARIQUE RIZVI

TARIQUE RIZVI (Querist)
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27 July 2020 Sir actually excess tds is related with the month of March 2020 whether balance can be used in April 2020. Because of change in financial year the issue is getting difficult. Excess TDS can be set off during the same financial year and it can not be carry forward to the next year in TDS Return.

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