We have recd intimation re TDS nullification /error for our past filings. The problem is: We have wrongly deducted and paid a short amount of TDS for our vendor in a previous year; Now this difference amount needs to be paid. Do we need to file a revised return for that year? Is there a limit to how far back TDS return can be revised?
Also, the Vendor will now receive an extra TDS credit for a previous year (assuming he filed his return on the earlier TDS dedcuted basis); How can the vendor CLAIM THIS BENEFIT in his IT returns;
IS THERE AN ALTERNATE WAY TO DEAL WITH SUCH A NULLIFICATION?
11 June 2020
Thank you for your feedback; We were planning to revise our TDS return, however we were uncertain on how to deal with how to deal with this additional TDS (tax payment) that will accrue to our account since our returns are already assessed for that year. Will this TDS be refunded in any way?
ALso, the Vendor will now receive an extra TDS credit for a previous year (assuming he filed his return on the earlier TDS deducted basis); Can the vendor claim this benefit of a previous year in the current year?
CAclubindia
