Tds
This query is : Resolved
Alka Gupta
(Querist)
16 May 2012
If by mistake we have deposited more TDS in Respect of one party then what should be done while filing tds return.
we have make arrangements with the concerned party for repay back the money
we have make arrangements with the concerned party for repay back the money
CA. RICHI SAXENA
(Expert)
16 May 2012
In case of excess deduction of tax at source, claim of refund of such excess TDS can be made by the deductor. The excess amount is refundable as per procedure laid down for refund of TDS vide Circular No.285 dt.21-10-1980.
The difference between the actual payment made by the deductor and the tax deducted at source or deductible, whichever is more will be treated as the excess payment made. This amount is to be first adjusted against any existing tax liability under any of the Direct Tax Acts. After meeting such liability, the balance amount is to be refunded.
Circular: No. 285 [F. No. 275/77/79-IT(B)], dated 21-10-1980.
951. Procedure for regulating refund of amounts paid in excess of tax deducted and/or deductible
1. The Board have been considering the manner of refunding the amount paid in excess of the tax deducted and/or deductible (whichever is more) under sections 192 to 194D of the Income-tax Act. The Board are advised that such excess payment can be refunded, independently of the Income-tax Act, to the person responsible for making such payment subject to necessary administrative safeguards.
CA.Richi Saxena
The difference between the actual payment made by the deductor and the tax deducted at source or deductible, whichever is more will be treated as the excess payment made. This amount is to be first adjusted against any existing tax liability under any of the Direct Tax Acts. After meeting such liability, the balance amount is to be refunded.
Circular: No. 285 [F. No. 275/77/79-IT(B)], dated 21-10-1980.
951. Procedure for regulating refund of amounts paid in excess of tax deducted and/or deductible
1. The Board have been considering the manner of refunding the amount paid in excess of the tax deducted and/or deductible (whichever is more) under sections 192 to 194D of the Income-tax Act. The Board are advised that such excess payment can be refunded, independently of the Income-tax Act, to the person responsible for making such payment subject to necessary administrative safeguards.
CA.Richi Saxena
Alka Gupta
(Querist)
19 May 2012
THANK YOU IT WILL HELP ME BUT MY CLIENT WANT TO SHOW THE FULL TDS DEDUCTED IN THE TDS RETURN AND WANT TO RECOVER THE EXCESS AMOUNT FROM THE DEDUCTEE.
CAN IT BE DONE
CAN IT BE DONE
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