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Adjustment of TDS

TDS 622 views 2 replies

aishwaryaa .v

Direct tax

78 Points Joined July 2009

Hi,

W.e.f oct 09 tds rate on rent of plant and machinery is 2%. The assessee has deducted and deposited tds @ 10% for oct, nov and dec.. Can we adjust it against tds payable in jan, feb and march.. or how to claim the refund..???

Replies (2)

Amir

Learner

4016 Points Joined December 2009

Dear Aishwarya,

follow this link, It might help u, I got this from this forum only from a friend Tarun

https://www.simpletaxindia.org/2009/03/excess-tds-deposit-refund-vs-adjustment.html

Divya K S

289 Points Joined January 2008

Hi,

One way what we can do is that... File etds return with the actual amount paid (including excess) in Oct, Nov & Dec. The amount of excess TDS paid can be adjusted in the subsequent months in accounting records & the balance TDS amount can be remitted to the government.

Let the Gross amount in the ETDS returns be the same in the subsequent months & only TDS deducted will be low. The TDS amount & Gross amount per annum does not change & does not seem to be a problem.