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Kapadia Pravin 15 October 2019
Instead of filing 27Q Form, the buyer has wrongly filed 26QB Form.
In case of 26QB statement cum Challan processing, the system by default passes on the credit to the seller to the extent of 1% only.
However, to obviate the difficulty of getting tax credit for NRI seller, the department will pass on the full credit of TDS to the seller by carrying out necessary changes in the System. (Note – this is done by the department as a one time measure per assessee and the process of crediting the money will take some time; it won’t happen instantly)
In order to make this correction, the buyer has to raise a request for passing on the whole credit of the TDS to seller through sending a mail on email id “contactus @ tdscpc.gov.in ” with Acknowledgement number.
Kapadia Pravin 16 October 2019
Income tax department has relaxed norms of e filing of TDS returns .
Major relief has been given to tax payers by allowing adjustment of excess tds deposited in one section with other section .
Further Income tax department has also allowed excess tds deposited in one assessment year with another assessment year
I don't think any refund facility is introduced.
Mr Bagri can you provide details ?