TDS refund

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chirag tanna (Querist)

13 July 2011 Dear Sir/Madam,

I have a query which most my CA frnds/senior are not clear about, pls clarify me the doubt?
My query:-

While making payment for TDS on due date for an amount of Rs10,000/- u/s 194J (Professional Fees).
I bye mistake made the payment of 1 lac rs and in Form 16A deduction disclosed is 10,000/- which is actually correct.

What is the remedy for claiming refund of an excess amt dr in my a/c (90,000)
any procedure to be followed online or mannual.

Experts pls guide me a remedy to get that extra amount of 90,000/- deducted from my bank a/c.

Awaiting ur reply urgent

Appreciate ur efforts.

Regards
Chirag Tanna.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

13 July 2011 The extra amount of TDS will remain deposited for a year or so as the same would be released after processing of TDS returns for FY 2011-12 (Assuming that TDS is related to the 1st quarter of FY 2011-12).

However, you can adjust the deposited amount against any of the TDS liablity.
Suppose in the 2nd quarter you have deducted TDS of Rs 20000/-, you are not required to deposit the amount. The same will be adjusted from the credit of Rs 90000/-.

In case still your balance remains credit according to Section 200A, this amount will be refunded to you after adjustment, if any, within a year from the end of the Financial year.

You will be sent an intimation of such amount alongwith the refund cheque.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

13 July 2011 Up date the qtly filing of tds returns with correct figure. Then seek the provisions of of section 200A if the matter is relating to assessment year 2010-11 and onwards.

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