Tds refund issue
This query is : Resolved
21 February 2015
We have wrongly deducted TDS of RS 600000 on a payment to party considering that payment was an interest payment, which was actually a loan repayment. we have revised the said TDS return also. Party has not claimed the said TDS in its annual Income Tax return and they have provided the declaration on their letter head that they have not considered the same. Now we have have received the Notice from TDS office regarding payment of OLD outstanding TDS interest payment worth Rs 548000.So can this excess TDS payment of Rs 600000 be adjusted against this demand????
21 February 2015
Yes this excess payment can be adjusted against this demand.
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