Dear Experts,
W.e.f 01/07/2012, Payments to Non Executive Directors are covered u/s 194J.However, in respect of few companies, payemnts have been made to directors who are not in wholetime employment/managing director in various months and corresponding tds have been deducted.
My query is that while tds in respect of have been deposited u/s 92B but they are covered u/s 194J and that too w.e.f 01/07/2012.So prior to 01/07/2012, no tds was applicable on them.How to adjust the tds deposited u/s 92B.Whether ITNS Challan 281 needs to be rectified and if so is there any time limits?Further, we are in the process of depositing tds under correct section code for the payments made thereafter,whether we can adjust those payments and deposit the net tds liability.
CAclubindia
