If a tax deducter wrongly deposit TDS of Rs. 1 Lac online in place of RS. 10 Thousand for which he was liable to deposit, whether he can claim RS. 90 thousand as refund or not.
Plz give full provisions
Menu
Refund of TDS
Replies (3)
TDS once deposited in Govt a/c will not be refunded, it can be adjusted against the future payments.
For example M/s XYZ ltd supposed to dedcut Rs.10000/- from the amount payable to Mr. x on rent of his premises, but it has deposited Rs.100000/- wrongly with government a/c the same cannot be refunded to the company, as the sum paid to government is on behalf of the Mr. X.
the same can be adjusted by passing necessary entires in M/s XYZ books of account by showing the and TDS payable for the month, and nullifying the excess amount with outstaning liability everymonth.
If the deductor has still not filled the return, then show in the return liability of Rs. 10000/- and payment of Rs. 100000/-.
Then the balance 90000/- could be adjusted against future liabilities but for the same FY only.
Dear Sir
If FY Changed then what to do, suppose in march we made mistake then what to do.
Recent Topics :
- Who will take FSSAI AND TRADE LICENSE: owner or te
- E Way Bill in respect of Without Bringing Material
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
- Regarding 3CEB query
- Omitted E-Commerce Sales Reported in Table 14 but
- Omitted sales shown in GSTR-1 Table 14 but not in
- EWAY BILL TAKE OUT OF OTHER COMPAMY
Related Topics :
CAclubindia
