Tds adjusted with tax payable
This query is : Resolved
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
I want to know, if we can adjust the TDS amount with the tax payable at the year end ?
Plz help me ASAP.
gunjan
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.
However while filing the Income tax return the TDS recieved can adjust against the tax payable on your income.
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
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
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
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
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
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
04 May 2012
thanks to all.
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