Tds amount paid in excess

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254 Points Posted on 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...??
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On 22 July 2020 at 22:59 Report
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Quick Summary
This discussion addresses the issue of paying TDS at a higher rate than the newly applicable rate. It clarifies that you should file your TDS return with the higher rate deducted. The excess TDS paid can be adjusted in the next quarter or the following month. Alternatively, it can be claimed back during the income tax filing process.

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Practising CA
8954 Points Posted on 23 July 2020
Since you have deducted at higher rate, so you file the TDS return with higher rate only. Not an issue.

Regards
CA. Raj Doshi
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On 23 July 2020 at 01:00
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Account manager
533 Points Posted on 23 July 2020
Yes you adjust remaining balance in next month
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On 23 July 2020 at 08:24
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254 Points Posted on 23 July 2020
Thank you sir...
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On 23 July 2020 at 09:04
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Student
72 Points Posted on 24 July 2020

Sir,
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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On 24 July 2020 at 13:42

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