TDS

i have deducted tds from intrest and deposited the same  wronly now how can i get refund??????????or the party to whose account tds is deducted can get tax credit without disclosing income????????

Replies (4)

sorry but From which source u deducted

 Hi Ashish,



I think you can write a letter to the department telling that the TDS amount was wrongly deposited to the wrong PAN. You can submit the payment challan along with the letter.



Others can express your view on this....

Ashish

  1. If the interest is not eligible for TDS ,and u deducted the TDS :   then u disclose it as ur income in IT return and the TDS amount  for refund with a letter for wrong deduction.
  2. If u deducted TDS from interest and deposit in Wrong PAN : Then u give a letter to AO for transfering the TDS amount to the Original PAN

 

The party to whichi account u deposited TDS will not get the credit because for TDS credit the source must be specify in the IT return with amount. If the person in whose name TDS deposited can not be get credit as he c ould not be disclose the source of income from which TDS deducted he can not get credit

If am wrong then correct it ple.

Originally posted by : Ashish Parekh
i have deducted tds from intrest and deposited the same  wronly now how can i get refund??????????or the party to whose account tds is deducted can get tax credit without disclosing income????????


 

When u deposite TDS, it is not deposited against a particular PAN but it is deposited against TAN. Moreover IT department doesnt know anything about the deduction of TDS until and unless you furnish the TDS return. So the way from which IT deptt. will know about deposite of TDS against a PAN is TDS return. If you have deposited TDS against the party on which TDS should not be deducted then adjust this liability against any other deductee and revised the TDS return.

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