Tds higher or short deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2015 In case where the Deductor has deducted the TDS higher than the prescribed rate is such higher amount can get back as refund or adjusted in subsequent month????
pls clarify it's urgent.

And What is the consequences in case of short deduction of TDS???????????

Amol S Joglekar

Amol S Joglekar (Expert)
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06 August 2015 TDS is a VICARIOUS act. The deductor might have over deducted...but has it OVER paid as well? If no...then it can refund the same.
If yes, the deductor can adjust the same in some other case of TDS, not falling beyond that financial year.

For short deduction, the deductor has to face the music... interest, penalty etc.

Querist : Anonymous

Querist : Anonymous (Querist)

06 August 2015 yes the deductor has over paid also plz suggest

Amol S Joglekar

Amol S Joglekar (Expert)
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07 August 2015 within the same financial year, the deductor can adjust the said overpaid amount amongst the deductees.

But if this is the ONLY transaction in the said financial year, then there is no way...Let the deductee claim the same through his/her income tax return.

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