In respect of tds

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cvmashru (Querist)
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16 January 2012
My client is engaged in the business manu. of various items. He paid Rs. 1037000/- to jobwork contractors and deduct Rs. 10370/- as TDS. Unfortunately by mistake he deposited Rs. 21496/- through netbanking towards TDS u/s. 194C instead of Rs. 10370/-. Now what to do in respect of excess payment of Rs. 11126/- at the time of preparing TDS return. Please give example to adjust excess amount paid.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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16 January 2012 Deduction at higher rate may be shown in Deductee's A/c.

You may issue a certificate to the deductee showing the higher amount of TDS.
.
If he agrees to get it adjusted in his payment ... well and good.
.
Try this and allow him some time. After all he is getting significant benefits from your company.
.

CA Deepak S

CA Deepak S (Expert)
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17 January 2012 You will get refund of the excess TDS paid. Follow the procedures laid down by the following two circulars,

No. 285, dated 21-10-1980.

CIRCULAR NO. 2/2011 [F.NO. 385/25/2010-IT(B)], DATED 27-4-2011

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