tds
This query is : Resolved
Gurpreet Grover
(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?
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/-.
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/-.
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.
adjust within the same quarter and
for excess refund meet your AO with full details.
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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