Tds

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CA Priyanka A Mundada (Querist)
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05 June 2015 on payment of rent to party, till date we were deducting tds @ 10% but now that party says that as he has tds certificate so we should deduct tds at lower rate and asking for money which were deducted extra
now what should I do?
whether that extra amount should be repaid to party and if yes how to correct status with traces

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 June 2015 no, only from the effective date mentioned in tds certificate for lower deduction owards the tds should be nil or lower as the case may be and earlier deduction should not be refunded as at that tim no certificate was produced and were liable for tds deduction

CA Priyanka A Mundada

CA Priyanka A Mundada (Querist)
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05 June 2015 but he has certificate from begining but we were not aware of that

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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07 June 2015 Just ask the party to claim the TDS credit by filing the Income Tax Return. Since the Tax has already been deposited against their PAN nothing can be done. Simply convince the party to take the credit of TDS/Refund by filing the IT Return.

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