my client has taken a unsecure loan from a company @ 9%.he had paid interest @ 9% every year.
but in 07-08 he wrongly calculate Interest @ 15% and deduct TDS accordingly and TDS Return submitted.
now he came to know that excess interest is being charged.he has rectified entry for interest in books of accounts.now he want to file revised return and claim refund for excess TDS deposited.
can he do so?
is there is any other way to overcome above problem
I am interested in reply
Yes, he can claim the refund of excess TDS deposited by making an application to the ITO, TDS & giving the full details of the matter. There is a CBDT Circular on this issue. If you need I can check up & let you know about it tomorrow.
yes,Vinod
pls send me a copy of that circular
Your client has not lost his money out of his pocket.
Issue the TDS certificates for such higher value to the company.
Let the company claim the refund.
CAclubindia
