Hello Members,
There is one query from my side pertaining to TDS wrongly deducted on June 2017 bill and return filed accordingly.
One of my client booked a bill amount of Rs 396000/- in June 2017 and deducted tds @ 10% for professional services recieved.
They had filed tds return for Q 1 as well but the actual bill amount is of Rs 347500/- and tds applicability is on this amount.
Can they get credit note from professional as well in december 2017?
And how it will reflect in TDS return? Since tds has been deposited and reflecting in the consultant account. Further it was last bill from consultant therefore no more further payment.
Currently company is doing payment after deducting complete TDS deducted? But the consultant is claiming that his bill is of less amount and it should only reflect in 26AS of the Income tax department.
What course of action can company take in this regard?
Can they rectify Q1 return with less amount and show TDS deducted on less amount i.e. Rs 345000/- And in books they can enter credit note in decmeber 2017. Plus TDS not claimed can be utilised in Q2 for other payments u/s 194J?
Please guide on this matter.
CAclubindia
