tds deduction - adjusted in next month payment

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harshit (Querist)
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02 February 2008 In group companies x & y

x deducted tds on contractors Rs.27668 and paid to govt.One month after that bills transferred to y co., on that bills y deducted tds and paid. Because contractor not related to x company.

x company in the month of jan'08 tds deducted some 75000/- on that amount adjusted rs.27668/- and remaining balance payable was rs.47332.

please sir this procedure was correct or any statutory procedure is there.

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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02 February 2008 it not possible in income tax act you will pay full amount of tds which you deduct and other party who deduct your tds you wii file retun and claim refund

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