TDS paid
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23 January 2021
We have paid challan of TDS for particular month and while filling details for quarterly returns of TDS, we have found out that we have paid excess amount in challan. My query is how to adjust the amount. I want to know the procedure we have to follow as per law. Kindly solve this query.
23 January 2021
Include the challan in next quarter return and adjust the excess payment.
23 January 2021
But Sir there will be mismatch in this quarter. How to deal with this?
23 January 2021
• In case tax has been deposited more than the required tax deducted at source for a particular Assessment Year, the excess amount of tax can be claimed in the following quarters of the relevant year. The balance amount if any, can be carried forward to the next year for claim in the TDS statement.
• Example: If excess payment of Tax has been made in Quarter 1 of financial year 2017-18, the same can be used for Quarter 2,3&4 of F.Y. 2017-18 as well as for Q1 to Q4 of F.Y.2018-19. The excess amount of tax paid in Q1 of F.Y.2017-18 can also be used for payment of tax default of Q1 to Q4 of F.Y.2016-17.
• Example: If excess payment of Tax has been made in Quarter 1 of financial year 2017-18, the same can be used for Quarter 2,3&4 of F.Y. 2017-18 as well as for Q1 to Q4 of F.Y.2018-19. The excess amount of tax paid in Q1 of F.Y.2017-18 can also be used for payment of tax default of Q1 to Q4 of F.Y.2016-17.
23 January 2021
Just add details of such challn in next quarter and used the balance amount out of challan.
Also submit the TDS return manually as online return will not processed as there is difference in challan amount.
25 January 2021
Thanks for solving the query
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26 January 2021
Welcome.... My pleasure......
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