if a Co.paid excess TDS in Sec 194c in Q-4, then can it be adjusted in next year Q-1 for short payment of Sec 194c or any other section, say Sec 194 J ? please advice with legal references of income tax.
thanks.
Replies (3)
Quick Summary
This discussion addresses whether excess TDS paid under Section 194C in one quarter can be adjusted against short payments in subsequent quarters or for other sections like 194J. The consensus is that unconsumed TDS payments can indeed be utilised in future returns by adding the challan to the statement. Cross-utilisation of payments across different sections is also permissible. Further legal references are promised for clarification.
Yes the same challan unconsumed payment can be utilised in next returns. for this add the challan to the statement and use amount to the tune of the unconsumed amount. As regards cross utilisation of payments across sections is also allowed. I'll give the legal references soon.
Thanks for prompt reply...I found in TIN website there is FVU 4.0 where it is clarify the same. but,i couldn't get the section references or any circular/Notification.