14 May 2008
TDS deducted of 'X' u/s 194C and deposited and TDS return filed for the quarter. Later it is decided that not to pay the 'X'. Earlier expenses booking entry now reversed. So what about the TDS deducted & Deposited?
14 May 2008
If "X" is a regular Service provider and TDS is not required to deduct but deducted in one case and in the other cases TDS is regularly deducted means then that deducted TDS can be adjusted in the subsequent payments.
If "X" is not a regular service provider then in that case return is to be revised by deleting his name from the deductee details and in the subsequent quarter that amount can be adjusted against other chalan
15 May 2008
YES RETURN OF LAST YEAR CAN BE REVISED BUT I BEG TO DIFFER FROM MR RICKY THAT THE AMMOUNT CAN BE ADJUSTED AGAINST THE OTHER CHALLAN/QUARTER. IF DONE SO THE CIN WILL NOT MATCH OR TDS REMITTANCE DATE WILL BE PRIOR TO THE DATE OF DEDUCTION WHICH THE FILE VALIDATION UTILITY WILL NOT ACCEPT.
THE RIGHT METHOD WOULD BE TO FILE THE RECTIFICATION RETURN WHICH WILL SHOW THE EXCESS PAYMENT OF TAX AND APPROACH YOUR JURISDICTION TDA AO AND SEEK FOR REFUND
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