tds -excess remittance
This query is : Resolved
29 September 2007
our company received job work bills, and purchase bills from our creditors towards printing charges, but one of my collegue first mistekely deducted as below :
job work bill Rs.60862
purchase bill Rs.91513
total Rs.152375
tds 2.06% Rs.3139
above tds amount remitted to bank and paid.
after that mistake observed and rectified the purchase enttry Rs.60862 *2.06% Rs.1254/- actual tds amout
so, excess 1885/- deducted and paid to bank
what is the solution please sir?
job work bill Rs.60862
purchase bill Rs.91513
total Rs.152375
tds 2.06% Rs.3139
above tds amount remitted to bank and paid.
after that mistake observed and rectified the purchase enttry Rs.60862 *2.06% Rs.1254/- actual tds amout
so, excess 1885/- deducted and paid to bank
what is the solution please sir?
Shyam Lal Naik
(Expert)
29 September 2007
You may debit the entire amount to your creditor's account and file the return accordingly. Your creditor will get the credit on the basis of your return.
Ravikumar.G
(Expert)
30 September 2007
If it is a single bill and there is a exitence of contract between the company and the jobworker for that entire amount TDS will attract.
03 October 2007
ok my query is
purchase of material no tds - correct or not? already vat bill given
pl clarify
purchase of material no tds - correct or not? already vat bill given
pl clarify
CA. O.P. Agarwalla
(Expert)
19 November 2007
If your deductee has no problem, you c issue him TDS Certificate. I dont think there will be any penalty for such excess deduction.
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