Tax excess deposited in fourth quarter

Originally posted by : niti Rajan Bansal
	Excess tax of Rs 14000/- was deposited by mistake on 31-03-2012 for TDS on Salary and ETDS return has been filed accordingly. Is there any system of getting the refund of excess amount deposited or can it be adjusted in current year as financial year has changed.

In case of excess deduction of tax at source, claim of refund of such excess TDS can be made by the deductor. The excess amount is refundable as per procedure laid down for refund of TDS vide Circular No.2/2011 dt. 27.4.11 (which supersedes the earlier circular no.285 dt 21.10.1980 on this subject).
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In case such excess payment is discovered by the deductor during the financial year concerned, the present system permits credit of the excess payment in the quarterly statement of TDS of the next quarter during the financial year.
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In case, the deduction of such excess amount is made beyond the financial year concerned, such claim can be made to the Assessing Officer (TDS) concerned. However, no claim of refund can be made after two years from the end of financial year in which tax was deductible at source.

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niti Rajan Bansal

Deepak Gupta

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