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tds

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(Querist)
14 April 2010 TDS has been deposited in excess of actual liability, kindly advise the procedure. Can it be adjust in future liability or it can be refunded by the department?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
14 April 2010 YES EXCESS TDS CAN BE ADJUSTED AGAINST FUTURE DEDUCTION.

EXAMPLE---
SUPPOSE IN FEB 10 U HAVE DEPOSITED RS 100 IN EXCESS AGAINST DEDUCTION OF JAN. IN FEB YOU HAVE DEDUCTED RS 100 FROM A PARTY. NOW YOU DONT NEED TO DEPOSIT THAT AMOUNT. WHEN YOU FILE YOUR RETURN MENTION THE CHALLAN NO IN WHICH YOU HAVE DEPOSITED EXCESS TDS AGAINST DEDUCTION OF RS. 100/-.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
14 April 2010 both possibilities are there,

adjust within the same quarter and

for excess refund meet your AO with full details.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
15 April 2010 excess payment can be claimed as refund only after all your tax dues paid and permitted by the A.O
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