A person who is liable to deduct TDS, by mistake deducts TDS in excess of prevailing rates, whether, as per provisions of Income Tax Act any penalty can be imposed on him?
Secondly, does deductee has any legal right to complain to Income tax Department for the same and seek for damages and also what is the procedure of getting refund of tax deducted in excess?
agree with shashank ..can adjust the excess amount of TDS in future deductions of TDS as well as Advance Tax.
AGREE WITH SHASHANK
you have to file the Income tax return to get the refund.
AGREE WITH SHASHANK
FIRST... IF THERE IS A SHORT DEDUCUCTION OF TDS,THEN PROBLEM..(penalty,int etc..)
IN CASE EXCESS DEDUCTION OF TDS,NO PROBLEM...NO PENALTY,NO INTEREST...
SO THAT THERE IS NO PENAL PROVISION IN THE INCOME TAX ACT.....FOR EXCESS...
SECOND....IF THERE IS A EXCESS DEDUCTION OF TDS,THEN WE PROVIDING CERTIFICATE TO THE DEDUCTEE,WHAT WE DEDUCTED,THEY CAN TAKE REFUND,BY FOLLOWING PROCEDURE OF REFUND...
Deductee has credit into 26AS, Gross amount is mention there, so Deductee may claim Income tax refund from Income tax Department.
CCI
Pro
CAclubindia
