Tds adjusted with tax payable

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This query is : Resolved

Gunjan Goyal Agrawal (Querist)

04 May 2012 Dear Sir/ Mam,

I want to know, if we can adjust the TDS amount with the tax payable at the year end ?

Plz help me ASAP.

gunjan

CA Rama koti Reddy

CA Rama koti Reddy (Expert)

04 May 2012 Yes ... For example if you are an individual rendering professional services you will get professional service fees after deducting the TDS if professional fee exceeds 30,000 in a year.

However while filing the Income tax return the TDS recieved can adjust against the tax payable on your income.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

04 May 2012 absolutely,
if your tax payable in less then tds then you can claim refund of excess deduction

otherwise tax payable need to sett off with tds and remaining amount need to pay as self assessment tax

Gunjan Goyal Agrawal

Gunjan Goyal Agrawal (Querist)

04 May 2012 dear sir

thanks for information,

actually this for the pvt ltd company.

suppose we are getting some payments after tds and some of them are without tds. now at the year end while closing the accounts, we have a profit that includes the income after tds also.

now my question is, in case of company there is 30% tax on profit. so can we adjust that tds in net payable income tax by company.

please help me.

gunjan

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

04 May 2012 if tds is deducted on company PAN then company can take credit of tds while calculation of tax payable

do exact as above two comments given by us

first calculate tax liability then less tds deducted and then pay remaining amount of tax with self assessment tax

Gunjan Goyal Agrawal

Gunjan Goyal Agrawal (Querist)

04 May 2012 thanks to all.

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