TDS remitances

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arunkumar

arunkumar (Querist)
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30 September 2007 can TDS remiteed in excess or short for a month be adjusted in next month?

Shyam Lal Naik

Shyam Lal Naik (Expert)
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30 September 2007 Short remittance of TDS can be paid next month along with applicable penal interest. If the next month falls in suceeding quarter, the short payment should be paid through a separate challan, otherwise there may be difficulty in filing return in electronic mode.

It appears to me that excess TDS paid can not be adjusted against next month's due. One can not remit tax before it is deducted. It is better to debit the account of the deductee as they will be given the credit based on the deductor's return.

Will look forward to more solutions.

CMA Gul S

CMA Gul S (Expert)
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30 September 2007 Hi Arun,

Instead of adjusting the TDS Remitted in the next month it is advisable to adjust the same in the annual return to avoid confusion.

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