TDS refund query
This query is : Resolved
Pankaj Jhawar
(Querist)
16 April 2009
I have deducted TDS on a contract and have deposited the same. But after 6 months I came to know that the contract has not been materialized and the party has refunded me the money which is actually paid him.
But I have deposited the tax in his name; he is not willing to refund me the same as the income does not accrue to him.
How can I claim this refund with the Income Tax Department?
But I have deposited the tax in his name; he is not willing to refund me the same as the income does not accrue to him.
How can I claim this refund with the Income Tax Department?
CA Nitin Wadhwani
(Expert)
16 April 2009
Adjust the amount aganist your future liability under the same head i.e 194C.
Pankaj Jhawar
(Querist)
17 April 2009
Could you please provide some notificateion/circular for doing the same as the exces paid is more than one year earlier
chetan soni
(Expert)
17 April 2009
Pankaj,
You have two options,
01. Give him TDS certificate for the deducted amount.
OR
02. File revised return & adjust the excess TDS to other party.
You have two options,
01. Give him TDS certificate for the deducted amount.
OR
02. File revised return & adjust the excess TDS to other party.
Pankaj Jhawar
(Querist)
17 April 2009
The other party is not ready to take the TDS certificate as the income has not accrued to him.
This relates to Arp,08 , we can revise the TDS return but will not be able to adjust in that quarter as the amount is already paid.
Can we adjust with this quarter, if yes than under which notification. Someone told me that we can adjust the same with our Income Tax liabilty but without any realibilty
This relates to Arp,08 , we can revise the TDS return but will not be able to adjust in that quarter as the amount is already paid.
Can we adjust with this quarter, if yes than under which notification. Someone told me that we can adjust the same with our Income Tax liabilty but without any realibilty
CA Nitin Wadhwani
(Expert)
21 April 2009
There is circular no 15/1995 which gives the option of adjusting excess TDS paid within the same head.
Pankaj Jhawar
(Querist)
21 April 2009
Please send me the same.
The TDS relates to previous year
The TDS relates to previous year
28 July 2025
https://docs.google.com/document/d/1I2uxyXmydFrueZuOxwooXL4g22GMyqZH152egWVgnPQ/edit?usp=sharing
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