tds

Hi Shubha..

U mean to say while making payment to any creditor, u have deducted TDS in excess and have remitted the same to the department...if that is the case u can set it off with next payment to that party by deducting less TDS to the extent of Excess deduction made last time...

Hi,

The excess TDS payment can be adjusted against the month which falls in the same quarter or against any quarter. But do sett of against the month in the same quarter. It will make ease your TDS return

I believe you have deducted excess TDS while making payment to any vendor/ creditor. If such is the case, you can easily set it off against any future payment to such party/ person, preferably within the same quarter.

 Even in case there is no further transaction with such party/ person, you may show actual amount of TDS & gross amount payable to such party/ person. TDS deducted in excess can be claimed by such party/ person while filing his/ her/ its Income-tax return for the relevant FY.

But if TDS has been deposited in excess of deduction, then you can show such excess deduction as unadjusted tax deposited in the TDS return for the quarter, and in the next quarter, you may deposit such amount as TDS with bank, as reduced by excess TDS deposited in earlier place. For eg. you had deposited Rs.25,000/-, instead of Rs.15,000/-. In current month, you had deducted Rs.20,000/- (say). Then, you may deposit challan of Rs.10,000/- (ie. Rs.20000 - Rs 10000), for the current month.

hi

u can deduct less amt in next payment to set off the balances

YES, YOU CAN SET OFF TILL THE EXHAUST FULL TDS AND NO PERIOD IS BINDING.

paid excess tds in a feb 09 for rent - can it be set it off in april 09- as forgot to setoff in march 09

Yes, it can be adjusted in the next month

hi,Can any1 tell me wat is the tds rate applicable for rent for the F.Y 2009-10.

Also,I would like to have the tds rates for various headings for A.y.2009-10

If u have deducted more TDS of any party and deposited with the Govt., u can set it off in the next month by deducting less TDS for the same party. In other case, if u have deducted normal TDS for all parties BUT paid more to the Govt. (which is a rare case), u can adjust the excess TDS paid in the next month against TDS of any other parties.