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
They can take credit of the excess tax deducted in their Income Tax Return.
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
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agreed Originally posted by : ramsai neelam |
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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 |
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| Originally posted by : ramsai neelam | ||
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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 |
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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.
You should convine the deductee to take lower payment. He will any way get refund by filing return.
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?????
Adjust tds in subsequent bills,
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.
Adjusted the excess tds payment in the susequent quarter in the same financial year..
CAclubindia
