Hi,
During FY 2009-10, a party deducted an amount of Rs 1 lac as TDS but wrongly deposited Rs 1.10 lacs to the Income Tax Authority. The deductor had issued TDS Certificate for Rs1 lac only for FY 2009-10 at first instance. Now in FY 2012-13, by revising their original TDS Certificate to Rs 1.10 lacs, they are claiming that deductee organisation has taken the benefit of higher deposit (Rs 1.10 - Rs 1=.10lacs), thereby asking for refund of the differential amount. My question is
1) Is their stand tenable as per Income Tax Laws?
2) What is the remedy available to Deductee Org ?
3) Can the Deductee Org revise its return for the AY 2010-11?
4) If the Deductee Org has not taken the benefit of higher deposit then, what are recourse action left open.
I would be highly obliged if you offer your valuable suggestion
CAclubindia
