Tds matter
This query is : Resolved
12 March 2013
In Pvt. Ltd. Co. Due to wronge accounting entry we have paid excess TDS on Professional category i.e. 10%. I would like to know that, whether the excess TDS is adjustable in other category like Salary,contractor, Interest and rent etc. or it is refundable ?
If refundable then what is prcedure for claimng?
Thank U
If refundable then what is prcedure for claimng?
Thank U
12 March 2013
In your case, The company has deposited the excess TDS, therefore, When the Company will file the return of income under the Income Tax Act 1961, then, company can claim such excess TDS deposited as refund. In the middle of the year, there is no way to claim refund.
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