1) Last year i.e, 2009-10 the company has excess deposited now whether the company can adjust same in current year. ?
2) Some client ask old TDS which is recoverable from us, if the company pays this parties the how the company can claim of this TDS ?
3) kindly confirm whether same treatment of your opinion will applicable to TCS also ?
(Please refer circular no. 285 (F No. 275/77/79-ITB) dt 21/10/1980)
(1) No.
(2) If the year is already over, then no recovery can be done from your company. This is because you would have admitted this income and paid taxes too.
(3) TCS is different, because you will be collecting from the client tax at the specified rate IN ADDITION TO the receipt, whereas in TDS, YOU PAY in to the client after deducing the tax it. In other words, TCS is amount + tax --> collection; TDS is amount - tax --> payment. Otherwise, the answers are the same.
1. no
2. parties can claim refund if any by filling roi...
3.same as above reply
CAclubindia
