tax deduction at source
This query is : Resolved
19 June 2008
hi,
suppose a company has paid excess tds on any payment.. eg in may they hav paid excess for april.. can they set it off for the next month? i.e for the month of may.. wen they hav to pay in june.. can they set it off the excess payment made in may and pay only the balance?
suppose a company has paid excess tds on any payment.. eg in may they hav paid excess for april.. can they set it off for the next month? i.e for the month of may.. wen they hav to pay in june.. can they set it off the excess payment made in may and pay only the balance?
19 June 2008
Yes, provided the adjustment is made in respect of the same payee.
19 June 2008
Hi Shubha..
U mean to say while making payment to any creditor, u have deducted TDS in excess and have remitted the same to the department...if that is the case u can set it off with next payment to that party by deducting less TDS to the extent of Excess deduction made last time...
U mean to say while making payment to any creditor, u have deducted TDS in excess and have remitted the same to the department...if that is the case u can set it off with next payment to that party by deducting less TDS to the extent of Excess deduction made last time...
19 June 2008
so do u mean to say that only if it is for the same payee it can be set off?
19 June 2008
Yes adjustment applicable but shown accordingly in return
19 June 2008
wat r the consequences if they pay it all in lump sum.. setting off the excess amount n paying only balance?
19 June 2008
See...If u have 3 parties with whom u have contracted for labour work..
While making payment to these parties..u wont deduct TDS on aggregate labour charges of all three parties..U will deduct TDS individually depending on Limit to deduct TDS..
So while doing this if u have deducted Tds in excess to any one party...u can adjust it only with payment of that party itself..
While Remitting TDS amount to Government u can remit it in lumpsum but while accounting it u have setoff it with that payee it self...
While making payment to these parties..u wont deduct TDS on aggregate labour charges of all three parties..U will deduct TDS individually depending on Limit to deduct TDS..
So while doing this if u have deducted Tds in excess to any one party...u can adjust it only with payment of that party itself..
While Remitting TDS amount to Government u can remit it in lumpsum but while accounting it u have setoff it with that payee it self...
31 December 2008
thank you
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Traces submitting correction statement error
- Banking Related Issue
- TDS on rent received on hardship compensation being rent on redevelopment of building
- NRI INSURANCE ADVISOR
- Reporting in TDS return
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- IT returns for fresh job holders
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
