Excess tds deposited under section 194 i(a)

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Kushal Agarwal

27 Points Posted on 29 August 2013

URGENT IMMEDIATE ATTENTION REQUIRED:

My company has purchased an immovable property at Rs.1.2 Cr. on Aug'13.

Under the new ruling we were liable to deduct 1% TDS to our seller (Rs.1.2 Lakh).

We filled up the forms online, with all the figures correctly.

But at the time of payment in the online gateway, due to a clerical error we deposited Rs.12 Lakh instead of Rs.1.2 Lakh i.e., an excess of Rs.10.8 Lakh.

Bank has refused for reversal, and now we came to know about form 26B.

Please HELP?

Replies (5)

chandan

Asst. Manager

38 Points Posted on 29 August 2013

Dear you can adjust excess amount paid with next month due in same section, otherwise have to follow refund procedure.

Kushal Agarwal

27 Points Posted on 30 August 2013

My nature of business does not demand much tds deduction. Hence future adjustment not an option for me. Secondly, I need consultancy for the right way to get this refund immediately.

Mihir

Wealth Manager

5358 Points Posted on 30 August 2013

This is a serious mistake. Since this section is new, a lot of procedures related to the same is still unclear. You will have to meet your AO and ask him about this problem. The AO cannot rectify the entry unless IT returns is filed.

Kushal Agarwal

27 Points Posted on 30 August 2013

Waiting for the it returns filling would mean atleast one year from here. Form 26b says dgit(systems) has the power to refund. But I cannot find the officer who holds this office, and his contact details. Along with our AO we need to contact him immediately.

pankaj

account excutive

24 Points Posted on 30 August 2013

i am pursuing PGDM (finance) form symbiosis distance learning center i want to take MAT entrance take

then do MBA in finance but problem is i graduate(B.COM) also correspondence mode Can i applicable for mat if i take good rank in mat feb 2014 collage give preference me ya PGDM good for me

regards

pankaj kumar sharma

student