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Wrongly deposited tds

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 June 2014 we have 2 companies... Company X & Company Y.. Which are independant of each other i.e. no subsidiary- holding relation.

TDS for Feb14 of the company X is wrongly paid through internet banking of company Y by my assistant.

And now he has again made a mistake of paying TDS for Feb14 of company X through internet banking of company X.

So ultimately he ended up depositing double TDS amount for the Feb 14 of company X.

Experts, please let me know the procedure to get the refund of double TDS paid through Company Y.
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CA.Sourabh Sethia

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CA.Sourabh Sethia (Expert)
06 June 2014 in the 1st case the same can be adjusted by paying back the amount to the co. Y & passing a entry

Co. X Books

1st - TDS A/c......DR (For TDS paid by Y)
to Co.Y

2nd - Co. Y A/c....Dr (For Adjusting)
to Bank/Cash

for Excess payment discovered during financial year
In case such excess payment is discovered by the deductor during the financial year concerned, the present system permits credit of the excess payment in the quarterly statement of TDS of the next quarter during the financial year.

Excess payment discovered after financial year
In case, the detection of such excess amount is made beyond the financial year concerned, such claim can be made to the Assessing Officer (TDS) concerned.

However no claim of refund can be made after two years from the end of financial year in which tax was deductible at source.
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