Tds
Our client has deducted tds @ 2% instead of 1%, What wil be the treatment in next month??? Can our client can adjust the same in next month ?
Replies (5)
Is your client's payee - an individual or huf.?
You need to rectify the tds return
Hi,
If the client has remitted to the govt 2% tds deducted you cannot adjust the same, same will be reflecting in your 26 AS and you can take tax credit of the same while filing the final ROI.
If not then you can adjust and sort out between you and your client .
Regards
Karthik V Kulkarni
No need to adjust. Rates specified in Income Tax Act are minimum rates. If Tds is deducted at a rate higher then specified date then it would not create any problem. Amount so deducted can be claimed while filing ITR.
It is a mistake caused by that company and hence in that event company need to rectify the TDs return for which you need to intimate to the concerned company for revising the same.
Thank you For such reply
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