Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

Tds deducted twice

Banwari kyal (Seeker) (31 Points)

13 June 2013

I have deducted TDS on the same bill twice once while provision and again while booking of actual bill, sebsequently amount deposited and return filed accordingly. so how to solve this problem, can i get a refund of this excesss tds deposited and revise the return and correct the double entry.

Regards

B kyal

Reply
Follow
Share

11 Replies

PMA Nooruddin (M.Com, Finance Manager) (422 Points)
Replied 13 June 2013

TO Get refund back into Organization is a complex process ask em to file for returns and claim for refund...

M.Sriram Shenoy (CA Final) (814 Points)
Replied 13 June 2013

They can take credit of the excess tax deducted in their Income Tax Return.

CA Ramsai N (Fresher) (594 Points)
Replied 13 June 2013

Two alternatives are available for You.

1. Let the mistake be remain and ask the party to get credit in 26AS

2.File the revised TDS return and to the extent excess availabe in Challan(after filling revised return) can be utilized under same head of deduction in any quarter of such financial year to any party

Bhav Bhuti Sharma (Towards Professionalism ) (823 Points)
Replied 13 June 2013

agreed

Originally posted by : ramsai neelam

Two alternatives are available for You.

1. Let the mistake be remain and ask the party to get credit in 26AS

Or

2.File the revised TDS return and to the extent excess availabe in Challan(after filling revised return) can be utilized under same head of deduction in any quarter of such financial year to any party

1 Like

S M K (CHARTERED ACCOUNTANT) (80 Points)
Replied 13 June 2013

Originally posted by : ramsai neelam
	Two alternatives are available for You. 1. Let the mistake be remain and ask the party to get credit in 26AS Or 2.File the revised TDS return and to the extent excess availabe in Challan(after filling revised return) can be utilized under same head of deduction in any quarter of such financial year to any party

agreed .. The party can claim the credit in their returns.

Or if you want to correct it make an Application to TDS Commissioner in your circle asking for refund , after revising the TDS returns. Try if you need the mistake to be corrected.

CA Viswanadh (Chartered Accountant) (190 Points)
Replied 13 June 2013

You should convine the deductee to take lower payment. He will any way get refund by filing return.

Banwari kyal (Seeker) (31 Points)
Replied 14 June 2013

But deductee is not willing to incorporate those extra sales notionally created by extra tds(reason being they have to pay appx 33% tax on this extra income), than no question about taking credit by filing return by deductee.

also can't be adjusted against others, as there is no scope since it is last qtr of FY.

Filing a revise return and get corrected the mistake can satisfy deductee's requirment but it will cost me a lot, the amount will be wasted.

Any solution?????

Ganeshbabu K (Audit and Tax Advisory) (48559 Points)
Replied 14 June 2013

Adjust tds in subsequent bills,

Amit Agiwal (Manager AP) (25 Points)
Replied 14 June 2013

Only TDS can be considered.. the income generated notionally need not be shown.. only at the time of assessment it has to be produced that for same invoice TDS has been deducted twice.

for your side also one confirmation can be given.