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Advance tax shown as tds on salary.

367 views 1 replies

D.Mukherjee

CA Job

79 Points Posted on 20 May 2014

Dear All,

I am a whole time director of a Private Limited Company and I get remuneration. My company has deducted a bulk amount as TDS for the year 2013-2014 in May 2013. I have deposited advance tax on March 2014 on my own as balance tax which was payable for my income from other sources.

On May 2014 I have shown my advance tax as TDS for Q4 and submitted a TDS return. Which I think is not correct. I want to cancel the Q4 TDS return as the TDS CPC has issued a demand notice of the advance tax amount from me and it is to be quashed. I have filled a correction statement but no effect is given.

Please let me know what needs to be done from our end to cancel the Q4 TDS return as I have shown the advance tax amont as TDS wrongfully.

Your guidence will be highly appreciated.

Thank you.

Replies (1)

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Posted on 20 May 2014

file a correction statement for Q4. delete the entry in annexure 2 where you have included advance tax as tds. now make a fresh entry stating only your director remuneration and tds deducted thereon. now if you have added the detail of advance tax challan and corresponding entry in annexure 1, then delete them also. npw file the tds return so corrected. all your demand will be reduced to nil.