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Tds amount paid in excess

Ramya Bhat (246 Points)

22 July 2020  
As now new TDs rate came at 7.5% for professional fees ...
If a person pays @ 10% without knowing then can we adjust that remaining balance to next quarter???
if yes pls suggest how and how to file returns...
as challan amount will not match with TDs amount deducted...??

 4 Replies

CA Raj Doshi (Practising CA) (5491 Points)
Replied 23 July 2020

Since you have deducted at higher rate, so you file the TDS return with higher rate only. Not an issue.

CA. Raj Doshi

Mukesh Katara (Account manager) (483 Points)
Replied 23 July 2020

Yes you adjust remaining balance in next month

Ramya Bhat (246 Points)
Replied 23 July 2020

Thank you sir...

NITIN (Student) (72 Points)
Replied 24 July 2020

Would like to add TDS can be adjust in same quarter.

And I suggest instead of adjust it's OK for higher deduction of TDS and can be claimed in IT.

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